The sports merchandise retailer, Fanatics, along with the American rapper Jay-Z and other celebrities acquired a 118-year-old firm, Mitchell & Ness. The company is well known for its jersey replicas and streetwear collection.
According to sources familiar with the matter, the deal values Mitchell & Ness at $250 million. As per the sources, the company made $350 million in sales and $70 million in profit last year.
Fanatics will reportedly own 75% of Mitchell & Ness, with the remainder held by a celebrity group that includes the rapper Meek Mill, LeBron James’ business partner, Maverick Carter, and the D’Amelio family of TikTok fame.
The move is the latest in Fanatics’ efforts to expand its business. The company paid about $500 million for Topps’ trading cards and collectibles business last month, gaining exclusive rights with the Major League Baseball (MLB).
Mitchell & Ness will operate as a separate division, according to Fanatics, with Chief Executive Kevin Wulff continuing to lead the brand.
Mitchell & Ness, which was founded in 1904, has agreements with several sports properties, including the National Basketball Association (NBA), the National Football League (NFL), and MLB.