Mitchell & Ness has been a staple in the sports world, as their throwback jerseys have become a part of modern fashion. Now, it has been revealed the brand is under new ownership. Reports surfaced noting that Jay-Z, Meek Mill, Lil Baby, and Michael Rubin’s Fanatics acquired the brand in a massive $250 million deal.
The company was acquired from Juggernaut Capital Partners. The acquisition finds Rubin’s Fanatics with 75%, while other parties, including Jay-Z, Lil Baby, Maverick Carter, and more in the 25% space.
Jay-Z issued a statement on the acquisition, saying, “Fashion is cyclical, but classics are forever. 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.” Stay tuned for more updates.
source: Complex
