LeBron James and Kevin Durant invest in Fanatics’ Mitchell & Ness brand

Fanatics bought Mitchell & Ness in February 2022.

Source: Fanatics

Some of the biggest names in sports and entertainment are investing in Fanatics’ lifestyle clothing brand, Mitchell & Ness.

Fanatics CEO Michael Rubin says the new ownership group will include LeBron James, Kevin Durant, Chris Paul, CJ McCollum, Devin Booker, James Harden, Joel Embiid, Odell Beckham Jr., Kevin Hart, Rich Paul, Rich Kleiman, Scooter Braun and Steve. Stout.

Rubin broke the news during The Wall Street Journal’s Tech Live on Tuesday. Financial terms of the deal were not disclosed.

In February, Fanatics bought a 75% stake in Mitchell & Ness, with the remaining stake going to a celebrity cohort including Jay Z, LeBron James’ business partner, Maverick Carter and rapper Meek Mill. The deal valued Mitchell & Ness at $250 million. New investors will be part of this cohort.

Fanatics, which started as a sports merchandising company selling t-shirts and jerseys, has grown rapidly, becoming a $27 billion sports hub for millions of sports fans. In January, it acquired trading card company Topps, and in early 2023, it plans to launch sports betting.

The new owners said they plan to make Mitchell & Ness “the most diverse and culturally relevant consumer brand” through their influence and status as trendsetters.

Jay Z has become a fan of the brand due to its timeless appeal. “Fashion is cyclical, but classics are forever. Mitchell & Ness is a true classic,” he said in February. “I am proud to play a small part in its restoration and, in some cases, in introducing the authenticity and quality of the Mitchell & Ness brand to a new generation,” he added.

Mitchell & Ness was founded in 1904 in Philadelphia. The company manufactures and sells vintage jerseys and apparel collections for nearly every major sports league.

Fanatics used its customer database of over 94 million sports fans to attract new fans to grow Michell and Ness’ business. In June, Mitchell & Ness signed a rights agreement to manufacture products for all 32 NHL teams.

Fanatics says men’s and women’s street fashion and authentic nostalgics are among the fastest growing areas within the Fanatics Commerce business.

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