Lids, Indianapolis, plans to reduce its mix of caps tied to professional and collegiate teams to half of sales from 75% within two years, in favor of fashionable headwear, according to CEO Tom Ripley’s recent interview with the New York Post.
The fashion mix is expected to include exclusive merchandise from rappers, country stars and individual athletes via licensing deals. For example, a limited-edition, exclusive line from rapper Meek Mill, who has made an investment in the company, will launch in August.
Other non-team items include hats featuring Nike, Adidas and Champion logos, as well as other brands.
“The growth of our business is in this fashion space,” Ripley says. “We are going after the fashion customer and that’s women and non-sports consumers.”
The report also says Lids plans to add another 40 stores between July 26 and October 1. It currently has 1,277 stores. — D.S.
