The Three Stripes has officially said goodbye to its ownership of the nostalgic brand, Mitchell & Ness. Aiming to reinvest the proceeds from selling Mitchell & Ness to direct it towards a ”Creating the New” plan, an adidas representative stated that “Nostalgia headwear and apparel is not core to this strategy and the sale of Mitchell & Ness will allow us to reduce complexity and pursue our target consumer more aggressively with our core brands.”
Mitchell & Ness’s new owner is said to be a business primarily owned by U.S. equity firm, Juggernaut Capital Partners.
SOURCEREUTERS
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