Jay-Z added another purchase to his empire.
As reported on sources, he alongside Meek Mill, Lil Baby, Maverick Carter, Fanatics, the D’Amelio family and more officially acquired iconic lifestyle brand Mitchell & Ness from former owner Juggernaut Capital Partners. They bought it for $250 million.
In a statement, Jay Z said, “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,” Billboard reports.
In addition, Fanatics CEO Michael Rubin said, “Mitchell & Ness is an iconic brand and pioneer within our industry. I’m incredibly excited for Fanatics to partner with this incredible group of innovative owners to build upon the company’s already strong business that has kept the brand culturally relevant for more than 100 years. Growing up as a kid in Philadelphia, we looked at Mitchell & Ness as a badge of pride, and I truly believe this legendary brand has no limit.”
Billboard also notes, as part of the deal, current Mitchell & Ness CEO Kevin Wulff will assume the same position and report directly to Joe Bozich, president of Fanatics Brands. All 132 Mitchell & Ness employees located in Philadelphia and Irvine, Calif. (plus select international markets) will immediately be transitioned as Fanatics employees without relocating.
Jay-Z, Maverick Carter, Meek Mill, Lil Baby and the D'Amelio family are the new owners of Mitchell & Ness. The deal was valued at $250M! pic.twitter.com/AzJvFz007t
— SAY CHEESE! 👄🧀 (@SaycheeseDGTL) February 18, 2022