Sportswear firm Fanatics buys Mitchell & Ness with Jay-Z and other celebrities | Investment News

(Reuters) – U.S. sporting goods retailer Fanatics said on Friday it has acquired Mitchell & Ness, 118, known for its replica jerseys and streetwear, along with U.S. rapper Jay-Z and other celebrities .

The deal values ​​Mitchell & Ness at $250 million, according to people familiar with the matter. The company made $350 million in sales and $70 million in profit last year, the sources said.

Fanatics will own 75% of Mitchell & Ness, with the rest in the hands of the celebrity group which also includes rapper Meek Mill, LeBron James’ business partner Maverick Carter and the D’Amelio family of TikTok fame, according to reports. sources.

The move is the latest in a series of efforts by Fanatics to grow its business. Last month, the company purchased Topps’ trading card and collectibles business for approximately $500 million, gaining exclusive rights with Major League Baseball (MLB).

Fanatics said in a statement that Mitchell & Ness will operate as a separate division, with chief executive Kevin Wulff continuing to lead the brand.

Founded in 1904, Mitchell & Ness has agreements with several sports properties, including the National Basketball Association, National Football League and MLB.

(Reporting by Deborah Sophia in Bengaluru and Krystal Hu in New York; Editing by Ramakrishnan M.)

Copyright 2022 Thomson Reuters.

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