Lifestyle Brand Mitchell & Ness Officially Acquired by Jay-Z, Meek Mill, Lil Baby & More
Among those who have purchased Mitchell & Ness from former owner Juggernaut Capital Partners are Jay-Z, Meek Mill, Lil Baby, Maverick Carter, Marvin Ruben's Fanatics and more. Friday (Feb. 18) morning, the announcement was made.
“Fashion is cyclical, but classics are forever,” Jay-Z said in a statement. “Mitchell & Ness is a true classic. 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.”
Mitchell & Ness, which was founded in 1904, continues to serve as a shopping destination for nostalgic sports apparel, licensed lifestyle products and affordable street fashion. A number of major contracts with the NBA, NFL, MLB, MLS, and various colleges have been signed up by the company.
According to Fanatics CEO Michael Rubin, Mitchell & Ness has been a pioneer in the business for decades. Fanatics is extremely excited to partner with this amazing group of owners who know how to build upon the company's already strong business that has maintained this brand's cultural relevance for over a century. My family looked up to Mitchell & Ness when I was a kid in Philadelphia, and I believe it's a legendary brand that has no limits."
Mitchell & Ness will remain a separate, distinct brand within the Fanatics Commerce division, even though its new co-owner Fanatics is also a favorite sports apparel vendor. Throughout the new acquisition, Baird served as Mitchell & Ness's sole financial advisor.
As part of the deal, Mitchell & Ness will merge its business model with Fanatics' platform and global reach in order to advance the licensed sports industry. The diverse team of co-owners intends to grow Mitchell & Ness' international scope, expand product portfolio, and gain access to new entertainment, league, and college rights.
Upon closing, current Mitchell & Ness CEO Kevin Wulff will become the company's president and will report directly to Fanatics CEO Joe Bozich.
Furthermore, all 132 Mitchell & Ness employees in Philadelphia and Irvine, Calif. (as well as select international markets) will be automatically converted to Fanatics employees.
The D'Amelio family, which includes social media influencers Charli and Dixie D'Amelio and their parents Marc and Heidi, are the new owners.