Michael G. Rubin (born 1972) is an American businessman. He is Chief Executive Officer of Kynetic, the direct-to-consumer e-commerce company he founded in 2011. He is also the Executive Chairman of every three Kynetic businesses: Fanatics, a leading online retailer of licensed sports products; Rue La La, flash sale site; and ShopRunner, member-only services for online shoppers. He previously founded GSI Commerce in 1998, selling it to eBay in 2011 for $ 2.4 billion.
Rubin is also one of the owners of the Philadelphia 76ers basketball team and the New Jersey Devils hockey team.
Rubin has been included in Forbes 400: The Richest People in America and lists Forbes: The World's Billionaires . His personal wealth, as of June 2015, is worth $ 2.7 billion.
Video Michael G. Rubin
Early life and education
Rubin was born to a Jewish family, Paulette's son and Ken Rubin. His mother is a psychiatrist and his father is a veterinarian. He grew up in Lafayette Hill, PA where he started a ski-tuning shop in his parents' basement when he was 12 and two years later - using $ 2,500 in prize bar mitzvah as an initial capital and lease signed by his father - he opened a shop skiing official in Conshohocken, Pennsylvania. named Mike's Ski and Sport.
At the age of 16, he had a debt of $ 200,000 and was able to pay his creditor using a $ 37,000 loan from his father under his college conditions. Rubin agreed, continuing to operate the business, which grew into five ski shops before he entered college. He studied at Villanova University for a semester before coming out after realizing a huge profit in opportunistic transactions (buying $ 200,000 in overstocked equipment with a huge discount with $ 17,000 borrowed from a friend and reselling it for $ 75,000).
Maps Michael G. Rubin
Careers
Using the proceeds from overstock transaction by chance and after selling the ski shops, he later found the athletic equipment company covering the KPR sports - named after the initials of his parents - who bought and sold excess brand merchandise names. In 1993, the year Rubin stepped on 21, mortgages reached $ 1 million in annual sales; in 1995, mortgages reached $ 50 million in sales. In 1995, Rubin bought 40% of the female athletic shoe manufacturer, Ryka.
In 1998, Rubin created Global Sports, which would later turn into GSI Commerce, a multibillion-dollar e-commerce company. At 38, Rubin sold his company GSI Commerce to eBay for $ 2.4 billion to reap $ 150 million worth of cash. Since eBay only wants order fulfillment businesses for large retailers to better compete with Amazon.com, Rubin is able to buy back GSI's consumer business at a fire sale price. He bought back: Fanatics, Inc. , a licensed sports merchandiser; Rue La La , flash seller, and Shop Runner , a retail benefit program, merging the three companies into a new entity named Kynetic . Rubin served as chief executive in each of his three corporate boards.
Philadelphia 76ers and ownership of NJ Devils
In October 2011, Rubin bought a minority stake in Philadelphia 76ers. Rubin is a member of the investment group that won a $ 280 million bid for the team. Other members of the investment group include Joshua Harris from private equity firm Apollo Global Management, portfolio manager Art Wrubel, former Sacramento Kings executive Jason Levien, former Vail Resorts CEO Adam Aron, Martin J. Geller, David B. Heller, Travis Hennings, James Lassiter , David S. Blitzer, Will Smith & amp; Jada Pinkett Smith, and Indonesian businessman Handy Soetedjo & amp; Erick Thohir. Comcast-Spectacor started talks with investment group in the summer of 2011. The deal was announced on July 13, 2011. The NBA formally approved the deal on October 13, 2011.
Two years later, as a member of the same investment group, Rubin bought shares in the New Jersey Devils hockey team and Prudential Center management for $ 320 million. The deal was approved by the NHL and announced Aug. 15, 2013.
Media appearance
In addition to appearing in Forbes, Rubin has been interviewed or quoted in The Wall Street Journal, the New York Times, Entrepreneurs, and People Magazine .
In 2010, he appeared in the inaugural season of the CBS television show, Undercover Boss, where he worked undercover in the warehouse and call center of GSI Commerce. Once his identity was revealed at the end of the show, he gave an employee, who had just fought with the death of a baby, $ 10,000 so that he and his baby mother could have a dream wedding.
Rubin has been a keynote speaker and panelist in ecommerce and sports industry events including the 2014 Shop.org Summit, MIT Sloan Sports Analytics 2014 and 2015 Conference.
Accolades
Rubin was awarded by the Network for Teaching Entrepreneurship (NFTE) at the Philadelphia Visionary Gala in 2011 to represent the "spirit and true determination of an entrepreneur" and serve as an inspiration for NFTE students.
In 2011,
Personal life
An avid sports fan since his youth, Rubin lives in the Philadelphia area, near where he grew up. Rubin is divorced from a local dance teacher, Meegan Rubin. They have one daughter.
Rubin is a close friend of rapper Meek Mill, who advocated his release from prison in 2018. He previously dated CNN broadcaster Nicole Lapin.
References
External links
- Company Bio from Kynetic
Source of the article : Wikipedia
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