Five of the NBA’s biggest names is joining the investor group that owns iconic apparel label Mitchell & Ness alongside Jay-Z and others.
LeBron James, Kevin Durant, James Harden, Joel Embiid, Devin Booker and Chris Paul are among a new group of celebrity investors in the brand, the Athletic reports. The hoopers are joined by NFL free agent Odell Beckham Jr., James’ business partner Rich Paul and comedian Kevin Hart in the new group of investors.
Mitchell & Ness was bought in February for $250 million, with 75 percent of the company going to Fanatics, a sports apparel website that sells sports gear, and another group of celeb investors that includes Jay-Z and Meek Mill. As with the earlier sale, financial details of the new investments were not disclosed, so it’s unclear how much of the brand the new group owns, how much they paid for it or whether their slices comes out of Fanatics’ ownership or that of the previous group of celeb investors.
Fanatics holds licensing arrangements with the National Football League, Major League Baseball, the National Hockey Association and the National Basketball Association. It also sells throwback apparel from Negro League teams and other sports franchises, which is was part of what made the brand attractive to its new owners.
Mitchell & Ness not only specializes in throwback sports gear but it’s been a mainstay among entertainers and athletes. With Fanatics expanding—it also recently bought the trading card company Topps—having a stake in Mitchell & Ness while also having celebrity investors available to give input, seems to be part of its growth strategy. The Athletic’s story said that the new investors “will help the company with its future collaborations, capsule collections and other creative endeavors.”