AND1 Net Worth: How Much is the Company Worth in 2023?

AND1 is an American fashion footwear and clothing company. It mainly specializes in basketball shoes, sporting goods, and clothing. The company was founded on August 13, 1993, by Seth Berger, Tom Austin, and Jay Coen Gilbert. In 2005, the company was purchased by American Sporting Goods, and later it was sold to Brown Shoe Company in February 2011. As of 2023, AND1 net worth is approximately $140 million.

Early Days

The three University graduate students Seth Berger, Tom Austin, and Jay Coen Gilbert came with their graduate school project named AND1 in 1993. Initially, the trio began selling T-shirts out of the back of the car. Then, the three founders implemented early advertising strategies such as trash talk and other basketball slogans like “Pass, Save Yourself The Embarrassment”. The brand also marketed its T-shirts to street basketball players.

Afterward, the American sportswear retailer, Foot Locker started selling their T-shirts. Their business ultimately grew exponentially and eventually reached 1500 stores across the United States. In 1996, the professional basketball player, Stephon Marbury was appointed the first spokesman for the company. The company eventually launched its first pair of basketball sneakers with Marbury signing as a spokesman.

AND1 Net Worth & Its Success

 

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AND1 incorporated NBA players such as Darrell Armstrong, Ab Osondu, Miles Simon, and Toby Bailey for their first series of print ads and commercials in 1999. Though, the traditional marketing campaign didn’t work out for them. Then, they changed the strategy and used Skip tape, a videotape made by a streetballer, Rafer Alston. Following that, the company cracked a partnership deal with FootAction.

The footwear brand, AND1 eventually became the second-largest basketball brand in America only 8 years after its inception. In 2005, the company was sold to American Sporting Goods and then to Brown Shoe Company in 2011. Afterward, it was sold to Galaxy Brands in August 2011. Later on, the brand was merged with Sequential Brands Group. The brand celebrated its 20-year anniversary and hosted the AND1 Labor Day Summer Remix in August 2013.

The company signed then-Pacer, Lance Stephenson to an endorsement deal in November 2012. The professional basketball player had won the NYC basketball championships in all 4 years of high school. In 2015, the brand partnered with SLAM magazine and hosted numerous events surrounding the 2015 NBA All-Star Game. As of now, more than 100 AND1 high school and AAU teams play across the United States in various leagues and tournaments.

AND1’s rise and downfall story has been the subject of Netflix’s documentary series “Untold: The Rise and Fall of And1”. The docuseries explores the company that propelled to the top of basketball and culture before falling into relative obscurity. The company’s unprecedented marketing tactics helped fuel its meteoric rise and ultimately became one of the world’s most popular basketball brands.

However, the company’s prominence was short-lived, which drastically fell due to various reasons such as its primary competitor, Nike. Likewise, the brand made the biggest blunder after they signed their first NBA star, Stephon Marbury, who awkwardly fell and hurtle his ankle. The company was pretty new at the time when the incident took place.

AND1’s endorsements also led to the collapse of the company in a different way. After they took their mixtapes off, they put together an elite team of streetballers and put them on tours every summer around the United States. The tour was also televised on ESPN2’s half-hour segment, Streetball. After a short hiatus, they came with their Mixtape Tour in 2010, which was known as the AND1 Live Streetball Tour.

AND1 Net Worth

AND1 generates annual revenue of around $140 million. The company mostly sponsors athletes from NBA and has many AUU teams that were chosen as ambassadors for the company. The parent company of AND1 is Galaxy Universal and its primary office is located on Broadway Ste, New York.