Fanatics and a few celebrities shook hands on a mega deal, hitting checkout on a group order to buy sportswear brand Mitchell & Ness.
On February 18, Fanatics partnered with famous folks that include JAY-Z and a celebrity group including Meek Mill, Lil Baby, LeBron James's longtime business partner Maverick Carter, and the TikTok-famous D'Amelio family to purchase a portion of Mitchell & Ness.
The price tag? According to sources, the acquisition of Mitchell & Ness was valued at $250 Million.
As reported by Yahoo Sports, Fanatics will retain 75% of Mitchell & Ness, leaving the remaining 25% in the hands of the celeb investors.
Fanatics will pretty much let Mitchell & Ness do what it does best: maintain its strong streetwear presence and push out nostalgic products. The iconic jersey brand will function as a separate division, with Fanatics adding the company's overall framework, including licenses, to its growing portfolio.
The plan is to combine the expertise of Fanatics, the entertainers, and Mitchell & Ness for bigger and better sports apparel, accessories, and more. Basically, get ready for some pretty dope collections and campaigns coming up (and definitely some clean throwback jerseys).
"Fashion is cyclical, but classics are forever. Mitchell & Ness is a true classic," JAY-Z, who became a Fanatics investor in 2021, says in a statement.
"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."
In 2021, Mitchell & Ness, which collaborated with Kith and Just Don in the past, brought in $350 million in revenue. On the other hand, Fanatics saw a stellar year with a $325 million raise, becoming an $18-billion-valued company. Of course, a shoutout goes to investments from Mr. JAY-Z and Roc Nation.
Now, with this latest power move, sports giant-dom may be in Fanatics' future.
With the Tiffany & Co. ambassador involved, summer is starting to look Y2K-ish with white tees and jerseys.