In an interview with Business Insider, Meek Miller, the rapper, announced that he had become a co-owner of Lids, the hat chain.
The report noted that Fanatics, chaired by his close friend and business associate, Michael Rubin, is already part of Lids’ ownership group.
“I’ve been shopping at Lids my whole life, wearing hats, fitteds, of course, fitted hats and caps, all types of hats,” the 32-year-old told BI. “In our culture, it’s been a big thing. So, it was something I ain’t have to think twice about and always believed in, that it’ll work.”
Meek will also be involved in leading the creative side with his own line of caps, which are slated to drop in August. “I have a lot of influence, and I can see things kind of clearer. I would definitely love to involve our whole culture in Lids more,” he says of tying hip-hop and the hat retailer together. “Because, first thing we do in merchandise in hip hop, we sell hats, we sell all types of things. And, you know, I have the leverage to actually bring the two together even more.”
In early February, Genesco Inc. announced that the company has completed the sale of its Lids Sports Group to FanzzLids Holdings for $101 million. As part of the deal, Fanatics made a minority investment in FanzzLids Holdings in connection with entering into a commercial arrangement with that holding company and is expected to help manage online operations and offer support with its vertical-manufacturing capabilities.
FanzzLids Holdings is a holding company controlled and operated by affiliates of Ames Watson, LLC., which in February 2018 acquired the Fanzz fan apparel chain. At the time of Ames Watson Capital’s February acquisition, Fanzz, based in Salt Lake City, had 120 stores under the Fanzz and Just Sports nameplates in 22 states. Ames Watson Capital took on approximately 1,100 more locations with its acquisition of Lids.