Fanatics Acquires Mitchell & Ness to Expand Brand Awareness
Jay-Z and Meek Mill have joined as celebrity investors in the vintage sports jersey maker
Following a $1.5 billion investment round, Fanatics is now valued at $27 billion. The sports merchandise company recently acquired Philadelphia-based Mitchell & Ness, a manufacturer of vintage sports jerseys, for $250 million. The acquisition is part of Fanatics strategy to increase its global brand awareness.
Michael Rubin, CEO of Fanatics and co-owner of the Philadelphia 76ers, has collaborated on the purchase with Jay-Z, Meek Mill, and Lil Baby. Fanatics will oversee 75% of Mitchell & Ness while the rest will be owned by investors.
Jay-Z joined Fanatics as Vice Chair in 2021 and participated in a $322 million funding round.
“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 told Complex. “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.”
Mitchell & Ness, which was founded in 1904, will merge its business model with the Fanatics platform while continuing to operate as a separate brand. The goal is to raise the company’s global profile, expand its product offerings, and attract new leagues.
“Fashion is cyclical, but classics are forever. Mitchell & Ness is a true classic,” Jay-Z said in a statement. “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.”
An IPO for Fanatics is not expected to happen until next year.
