Rick Ross, the Grammy-nominated rapper and entrepreneur, has seen his investment in Wingstop continue to pay dividends as the popular chicken wing chain.
Ross, who owns more than 30 Wingstop franchises across the United States, has long been a vocal advocate for the brand. His investment has not only added to his growing business empire but has also proven lucrative as Wingstop continues to perform well in a competitive fast-food market.
Wingstop Winning
“After tasting Wingstop’s signature Lemon Pepper-flavored wings in Miami, I knew this was a franchise I wanted to add to my investments,” Ross said in a 2011 press release.
Wingstop Inc. (NASDAQ: WING) total revenue for the fiscal second quarter of 2024 rose to $155.7 million, up from $107.2 million in the same quarter last year. Royalty revenue, franchise fees, and other income increased by $23.2 million, with $12.1 million coming from a 28.7% growth in domestic same-store sales and $8.1 million from new franchise openings.
“Our second-quarter results demonstrate the strength of the Wingstop brand and the success of our strategic initiatives,” said Charlie Morrison, Wingstop’s CEO. “We are thrilled to continue delivering value to our guests and franchisees, and we are grateful for the contributions of franchise owners like Rick Ross, who have played a pivotal role in our growth.”
Ross, who has been an investor in Wingstop since 2011, took to social media to celebrate the company’s strong performance.
“Another win for the boss! Wingstop keeps getting bigger and better,” Ross wrote on Instagram, along with a photo of himself enjoying a plate of the chain’s signature wings.
The rapper’s involvement with Wingstop has gone beyond just owning franchises. Ross has been an active promoter of the brand, often featuring Wingstop products in his music videos and social media posts. His high-profile association with the chain has helped Wingstop build a loyal following, particularly among younger, urban consumers.
As of Tuesday, Sept. 3’s close, Wingstop shares were trading at $181.25, up nearly 2 percent from the previous day and close to its 52-week high of $187.35.
Analysts are optimistic about Wingstop’s growth trajectory, citing its robust digital presence, expansion into international markets, and continued menu innovation as key drivers. The company recently announced plans to open 100 new locations globally by the end of the year, further solidifying its position as a leader in the fast-casual dining space.
For Ross, Wingstop is just one part of his growing business portfolio, which also includes investments in real estate, spirits, and other restaurant chains.