Michael Rubin‘s Fanatics company, JAY-Z, Meek Mill, Lil Baby and more officially acquired lifestyle brand Mitchell & Ness from previous owner Juggernaut Capital Partners for $250 million.
“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, is a leading shopping destination for throwback sports jerseys and various licensed lifestyle and fashion products. The company also has several deals with the NBA, NFL, MLB, MLS and various NCAA schools.
The deal is intended to enhance the licensed lifestyle and sports products industry by combining Mitchell & Ness’ established business model with Fanatics’ modern platform. Mitchell & Ness will continue to exist as an individual entity within Fanatics’ Commerce division.