Born in the United States on July 21, 1972, Michael G. Rubin is a successful businessman and generous donor.
He is the chief executive officer (CEO) of Fanatics, the largest retailer of legally licensed sports gear in the world, and the executive chairman of Rue Gilt Groupe, the leading off-price e-commerce portfolio organization, which includes RueLaLa.com, Gilt.com, and ShopPremiumOutlets.com.
After starting GSI Commerce in 1998, he sold it to eBay for $2.4 billion. Rubin devised the virally successful “All In Challenge” to raise $60 million to fight food insecurity during the COVID-19 pandemic. Donations of precious objects or once-in-a-lifetime experiences were solicited from celebrities, influencers, and corporations.
Rubin was a partner of the Philadelphia 76ers basketball club in 2011 and the New Jersey Devils hockey team in 2013 until selling his shares in both teams in June 2022. In an interview with Fox Sports, Rubin rationalized the deal by claiming he wanted to focus on expanding his Fanatics brand.
Early Life
Michael G. Rubin, better known as Michael Rubin, was born on July 21st, 1972. His mother Paulette a psychiatrist and his father Ken raised him in a Jewish family in Lafayette Hill, Pennsylvania a veterinarian.
Michael started his ski-tuning business in his parent’s basement when he was just 12 years old. His father signed the lease for Mike’s Ski and Sport in Conshohocken, Pennsylvania, and Michael spent the $2,500 he got at his bar mitzvah to launch the shop two years later. With the help of a $37,000 loan from Ken, Rubin was able to pay off his $120,000 in debt when he was 16 years old.
Michael spent one semester at Villanova University after promising to enroll there in exchange for his father’s financial support.
The first single ski shop he opened eventually grew into a chain of five by the time he enrolled at Villanova. After purchasing $200,000 in sports overstock equipment at steep discounts and reselling it for $75,000, Rubin decided to leave college.
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What Is Michael Rubin’s Net Worth?
Michael Rubin is an $8 billion dollar American businessman, entrepreneur, and philanthropist. For his work as the brains behind Fanatics, an online retailer of sportswear and equipment, Rubin is widely recognized.
Furthermore, he serves as executive chairman of Rue Gilt Groupe, which operates the e-commerce websites Gilt.com, RueLaLa.com, and ShopPremiumOutlets.com.
Michael started GSI Commerce in the later 1990s, and in 2011, he sold it to eBay for $2.4 billion.
In 2011, Rubin became an investor in the Philadelphia 76ers basketball team, and in 2013, he invested in the New Jersey Devils ice hockey team. In the wake of the news that Fanatics would expand its sports gambling operations, he declared his decision to sell both stakes in 2022.
To “change probation and parole by reforming laws, institutions, and culture to offer meaningful pathways to work and wellbeing,” Michael co-founded the criminal justice reform nonprofit REFORM Alliance in 2019 with Meek Mill, Jay-Z, Robert F. Smith, and others.
During the COVID-19 pandemic, he also initiated the “All In Challenge,” in which notable individuals, businesses, and personalities gave their time, money, and resources to collect “tens of millions of dollars to feed those in need.”
In 2010, Rubin worked undercover at the GSI Commerce phone center and warehouse for the CBS show “Undercover Boss.”
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Career
After selling his ski businesses, Rubin established KPR Sports as a closeout retailer of sporting goods. KPR Sports hit their first million in annual sales the same year Michael turned 21. In 1995, sales hit $50 million, an all-time high. In the middle of the 1990s, Rubin purchased forty percent of Rykä, a women’s sports shoemaker.
In 1998, he founded Global Sports Incorporated, a logistics and apparel company that would later evolve into the e-commerce firm GSI Commerce. Michael sold GSI to eBay in 2011 for $2.4 billion, but eBay was only interested in the order fulfillment business to compete with Amazon, so Rubin was able to buy back GSI’s consumer businesses at a steep discount.
He repurchased shares of Fanatics, Inc., a sports memorabilia retailer; Shop Runner, Inc., a retail benefits program; and Rue La La, a flash retailer. Michael serves as CEO of Fanatics and executive chairman of the board at Rue La La. Eventually, in 2020, he parted ways with ShopRunner to FedEx for $228 million.
He has negotiated partnership deals for Fanatics with over 300 different teams, sports, and professional leagues; as a result, Fanatics is now responsible for the design, production, and distribution of Nike gear for MLB and the NFL.
After the COVID-19 epidemic broke out, Rubin switched gears at a Fanatics factory, where he had previously produced MLB uniforms, to making personal protective equipment and medical gowns.
After securing $350 million in Series E fundraising in August of 2020, the company’s worth increased to $6.2 billion; in 2021, he raised $645 million, increasing the valuation to $18 billion.
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Real Estate
Rubin spent $43.5 million purchasing a penthouse in the West Village of Manhattan in 2018. The 7,750 square foot mansion features a swimming pool, a library, a screening room, an outdoor kitchen, and five bedrooms and five bathrooms.
In 2020 November he listed the penthouse for $39 million. Michael paid $50,000,000 for a seven-bedroom, eight-bathroom property in the Hamptons in early 2021, $25,000,000 less than the asking price.
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