Meek Mill Becomes Co-Owner of Lids (no cap)
The Dreamchasers rapper is now a co-owner of the popular hat and apparel distributor. According to reports, he will also lead the company’s creative strategy. Lately, it seems like every celebrity is a “creative director.” But Meek’s role might be more legitimate since he actually owns a stake in the company.
The deal was brought together in partnership with Meek’s friend Michael Rubin, co-owner of the Philadelphia 76ers. Rubin’s Fanatics company has a minority stake in Lids. It was only a matter of time before the Meek Mill-Peter Rubin-Robert Kraft wolf pack led to some business opportunities.
Meek’s partnership with Lids is an extension of his personal brand. He shared his thoughts in a recent interview with Business Insider:
“And, Lids, I’ve been shopping at Lids my whole life, wearing hats, fitteds, of course, fitted hats and caps, all types of hats. 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.”
These are two pages straight out of Jay Z’s business manifesto. Hov prides himself in partnering with companies he personally identifies with. He also partners with companies that reinforce his business interests in different parts of the value chain. Lids is a primary distributor of the popular Roc Nation paper plane hats. Roc Nation also has a management deal in place with Meek. It all comes full circle.
Lids and Meek plan to release an exclusive line of hats, but the Philly rapper should take it one step further. He should get fellow rappers to partner with Lids on merchandise and apparel for their upcoming albums and bundles.
Now, I know what you’re thinking! Last week I made a strong case to devalue album bundles on the Billboard charts. I still believe this. But until meaningful reform is made, Meek might as well capitalize on the opportunity.