Table of Contents Hide
And1 is a popular American footwear and clothing company that started in the trunk of a car in 1993. During the company’s peak, it was synonymous with streetball culture and was the second basketball shoe seller after Nike.
But what happened to them, and how much are they worth today? Stay with us as we examine the net worth, history, and impact of And1 on streetball.
What Is And1’s Net Worth
And1 has an estimated net worth of $140 million as of January 2023. The company was founded in 1993 by three partners, Seth Berger, Jay Coen Gilbert, and Tom Austin. It has since grown into one of the most recognizable basketball brands in the world.
The brand has undergone significant changes in ownership and management over the years, which has affected its net worth. Read on as we examine the company’s net worth, history, and impact on basketball.
And1’s Net Worth Growth
Shortly after the company was formed, it quickly earned a huge fan following. And this was a result of trash talk tees which were well received. These T-shirts were huge in the streetball culture, and the company made good money from its sale.
The company then moved on to basketball shoes, apparel, and accessories. They also teamed up with popular basketball players from Stefan Marberry, The Professor, Diana Taurasi, Steph Curry, Shaquille O’Neal, Kevin Garnett, and Jamal Crawford. This helped to swell their sales and slingshotted them into the second-largest basketball brand in the United States.
During its meteoric rise, the company made huge sales and made a tremendous amount of money. In 2005, And1 was acquired by American Sporting Goods Corporation for $350 million.
Since then, the company’s net worth has fluctuated over the years due in part to the company’s changes in ownership and management. As of 2023, the company has an estimated net worth of $140 million.
History of AND1
As mentioned earlier, And1 was founded on August 13, 1993, by Seth Berger, Jay Coen Gilbert, and Tom Austin. The trio were students at the University of Pennsylvania’s Wharton School of Business.
The company aimed to advance streetball — a variation of basketball played on outdoor courts — and create a brand that would cater to the needs of its players and fans.
They started with T-shirts with trash talk prints to promote the aggressive culture of streetball. And these T-shirts were huge in the culture of streetball. Some of the prints on the shirts include slogans like
- “Pass. Save Yourself The Embarrassment”
- “Call Me The Surgeon. I Just Took Your Heart”
- “Go To Church. Pray You Don’t Guard Me”
- “I’m So Sorry. I Thought You Could Play”
- “I’m The Bus Driver. I Take Everyone to School”
- “Don’t Laugh You’re Next”
- “My Game’s Tighter Than Your Mom’s Wig”
They sold these shirts out of the back of their cars, and they were an instant hit. Shortly after, the T-shirt started selling in Footlocker and was getting sold off. And within the second year of launching, the shirts were selling in over 1,500 stores across America.
With the success of the trash talk tees, And1 quickly expanded its product line to include basketball shoes. The company got their first spokesman, Stefan Marberry, in 1996, and with this signing, they launched their first pair of basketball sneakers, making an entry into the footwear category.
Marbury was named to the all-rookie team in 1997, giving the company more exposure. And1 also expanded into apparel and accessories. Their products were known for their unique designs and high-quality materials, quickly earning the brand a loyal following.
Following the company’s unsuccessful commercial and print ads, an unconventional strategy was used for promotion. The company edited and circulated skip tapes — a video containing street ball stunts.
And within two months, 50,000 copies of the skip tapes were circulated across basketball camps, clinics and record labels. The first skip tape featured Rayford Austin and quickly made him a celebrity.
With the company’s partnership with Foot Action, the skip tape strategy evolved into a national program kickstarted in the summer of 1999. Every purchase came with a free And1 mixtape, and roughly 200,000 tapes were circulated in the span of three weeks, making the promotion one of the most successful in United States retail history.
By the 2000s, And1 began to compete with big brands such as Nike and Addidas by recruiting more NBA players to wear their products.
Players like Latrell Spreewell, Kevin Garnett and Jamal Crawford catapulted And1 into the national spotlight, helping them secure shelf space in major footwear retailers such as Foot Action and Footlocker.
Shortly after onboarding more NBA players, the company became the second-largest basketball brand in the United States, with Nike occupying the top position. They were also famous for their Tai Chi shoe worn by Vince Carter during the 2000 slam dunk contest.
Over the years, And1’s mixtape tours have featured prominent streetball players like Hot Sauce, The Professor, Alston Himself, Lance “Born Ready” Stephenson, Kevin Garnett, and many others more. In 2002, the tours were televised live on ESPN under the name ‘Street Ball’, competing with ESPN’s support centre for the highest ratings.
The company was sold off in 2005 to American Sporting Goods and later to Brown Shoe Company. The company was again sold off to Galaxy Brands in August 2011.
The Fall of AND1
The company’s fall was due to a series of events. For one, some players felt they were being to make money and grow their business without paying them back enough. Also, when Tom Austin, the guy in charge of the company’s creative side, decided to leave, the company suffered as there was no one to come up with creative ideas.
The remaining two co-founders decided to sell what was left of the company and also move on before it lost all its value.
|Founded||August 13, 1993|
|Founders||Seth Berger, Jay Coen Gilbert, and Tom Austin|
|Headquarters||Paoli, Pennsylvania, USA|
|Products||Basketball shoes, apparel, and accessories|
|Parent Company||Sequential Brands Group Inc|
The Company’s Impact On Basketball and Streetwear Community
The company has had a significant impact on both the basketball and streetwear communities since its inception. The brand’s focus on streetball culture helped to bring attention to a style of basketball that was often overlooked by mainstream sports media.
And1’s streetball tours and videos featuring streetball players performing flashy moves and dunks helped to popularize the sport.
The brand’s marketing campaigns were also unique, featuring streetball players like “Skip to My Lou” and “Hot Sauce” performing unbelievable tricks and crossovers on the court. These campaigns helped to make streetball more popular and accessible to a wider audience.
And1 Gives Back
And1 is also prominently known for community-building activities. For instance, in 2015, when And1 partnered with SLAM to host events surrounding the 2015 NBA All-Star game in Brooklyn, they hosted various charity events there.
These include free basketball clinics for the youths of Coney Island. The proceeds of all sales made at an And1 pop-up lounge in Brooklyn on the NBA game day also went to Brooklyn-based organizations.
In 2020 again, And1 reiterated its commitment to its social responsibility by renovating basketball courts all over the country. They also donated massive amounts of And1 gear during the launch and meet and greets that invariably capped the success of each renovation.
And1 played a significant role in popularizing streetball culture, and its impact can still be seen today. The brand’s innovative approach and marketing campaigns helped to make streetball more exciting and accessible to people all over the world.