Source: Gilbert Carrasquillo / Getty
Now, this is an acquisition that makes all of the sense in the world.
Per Complex, throwback aficionado JAY-Z (do your Googles), Lil Baby, Meek Mill, Michael Rubin’s Fanatics, and several other names are teaming to purchase the Philly-based vintage jersey apparel company, Mitchell & Ness. Rubin described the company as an “iconic brand” while touting its limitless potential in a statement shared with the website.
“I’m incredibly excited for Fanatics to partner with this incredible group of innovative owners to build upon the company’s already strong business that has kept the brand culturally relevant for more than 100 years,” Rubin said. “Growing up as a kid in Philadelphia, we looked at Mitchell & Ness as a badge of pride, and I truly believe this legendary brand has no limit.”
“Fashion is cyclical, but classics are forever. Mitchell & Ness is a true classic,” JAY-Z said, speaking on the acquisition. “I was an early adopter of this brand, as well as a part of a departure from athletic wear. I’m proud to play a small role in bringing it back, and in some cases, introducing the authenticity and quality of the Mitchell & Ness brand to a new generation.”
Per Complex’s reporting, the deal is broken up with Fanatics owning 75 percent, and 25 percent going to JAY-Z, Meek Mill, Lil Baby, Maverick Carter, the D’Amelio family (Charli, Dixie, Marc, and Heidi), and others directly involved in the company’s purchase from Juggernaut Capital Partners. The main goal of the acquisition is to “marry Mitchell & Ness’ business model with the Fanatics platform,” plus a “push for more global recognition” and a “product portfolio expansion.” Mitchell & Ness will continue to operate as a separate entity within the larger Fanatics framework. Mitchell & Ness CEO Kevin Wulff will retain his title and report to Joe Bozich, President of Fanatics Brands.
It looks like we’re getting throwback HOV back!
Photo: Gilbert Carrasquillo / Getty
