Three years after leaving WeWork Inc., the company’s other founder, Miguel McKelvey, is using some of his earnings to fund an eclectic mix of business interests ranging from sneakers to a social center for seniors. He’s also seeking to parlay a controlling stake in the clothing maker American Giant into an ambitious, if not quixotic, plan to revitalize US manufacturing.
McKelvey paid $10 million last year for a controlling stake in American Giant, a made-in-the-USA apparel brand that became famous in 2012 for creating a sweatshirt called “the greatest hoodie ever made.” His ownership of the fashion brand, which hasn’t been previously reported, is part of a larger vision he has for his post-WeWork life. He said he wants to revitalize American factories and restore them as economic drivers.
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