LeBron James and Kevin Durant are just a few of the Mitchell & Ness investors.
The Philadelphia-based apparel and sportswear company is well-known for its extensive collection of reproduction vintage apparel.
Joel Embiid and Devin Booker, Chris Paul and Odell Beckham Jr., James Harden and Rich Paul, Klutch Sports Group founders, make up the company’s ownership group as well.
In February, another group of investors purchased Mitchell & Ness – rappers Jay-Z and Lil Baby.
The announcement was made by Billionaire Micheal Rubin via Twitter.
Rubin’s Fanatics, a company owned by Rubin, took over Mitchell & Ness’s control in the deal. Fanatics had a 75% share of the company at the closing, while the investor group held the remaining 35%.
According to Fanatics boss Michael Rubin, they purchased their share of the company at a valuation of $250 million, which has increased by 30% in less than a year.
These investors are some of the NBA’s most prominent stars and will assist the company in its future collaborations, capsule collection launches, and other creative ventures.
Mitchell & Ness has successfully purchased the rights to all 32 National Hockey League players. The company is now authorized to create products specifically for the NHL.
Athletes investing in apparel companies is nothing new.
