Hamptons, New York — If you’re a sports fan, you know there was a big party going on on the 4th of July. A lot of athletes and other celebrities gathered at a beach house to celebrate with a white party. Drake (who had a rough day), Tom Brady, Kim Kardashian, Olivia Dunn and many more were in attendance.
The party was hosted by Fanatics CEO Michael Rubin. The billionaire helped establish Fanatics as the place to buy licensed merchandise for their favorite teams thanks to its partnerships with every major league. Outdoor enthusiasts might be surprised to learn that he began his entrepreneurial journey in the ski industry.
Mike opened his own ski tuning shop when he was 12 years old. Mike’s ski tuning, We had a pretty solid slogan. “Top quality, handcrafted.” He then decided to open a retail ski equipment store at the age of 14. According to Entrepreneur, one of his strategies was to build a 142-foot ski ramp in August 1988. Made from 45,000 pounds of ice, the surface was built for customers to try out his skis.
Rubin said: Small Business Chronicle In 1988, he spoke about the ski resort and his entrepreneurial style.
“I think there are two types of businessmen: risk takers and rational ones. I’m a risk taker, so I thought skiing in 98 degree weather would be awesome!”
Unfortunately, a series of snowless winters left Rubin $200,000 in debt and on the verge of bankruptcy. To get rid of his $80,000 in inventory, he invented the closing-out sale business and launched a $100 million discount business selling old sneakers and skis.
In 1998, he founded GSI Commerce, which became the leading e-commerce platform for retailers. During his tenure, he created Fanatics. He sold GSI Commerce to E-Bay for $2.4 billion, but later acquired Fanatics from the company. He grew Fanatics into the largest e-commerce platform for sporting goods.
He spoke about his career trajectory on an episode of Shark Tank last year, and it was a fascinating read.
Image/Video Credits: Michael Rubin, ABC (Shark Tank)
