Rapper/mogul Shawn "Jay-Z" Carter has entered into a deal to sell clothing company Rocawear for $204 million in cash to the Iconix Brand Group, a company that licenses and markets such popular brands as Candies, Joe Boxer, Mudd, London Fog, Ocean Pacific and others.The deal, which was announced today, (Mar. 6) could also net Jay-Z $35 million in Iconix stock, if the Rocawear brand meets certain performance requirements over the next three-five years. "Iconix is pioneering a new brand management model and by combining Rocawear with their platform, my team and I can focus on our strengths in design and lifestyle marketing." Jay-Z said.
Jay-Z will continue to be in charge of all product development, marketing and licensing for Rocawear, which boasts annual retail sales of over $700 million. Iconix and Jay-Z have also reached a deal to form a new brand management/licensing company that will debut a new luxury brand titled The Shawn Carter Collection, which is due in stores in 2008. For the full story log on: All Hip Hop.com
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1 comment:
Now roca wear is going to played out nobody is going to wear it anymore like they used to. There was a reason why the hood used to rep it they way they did, but now its not going to have the same value as the other urban fashion wear thats out. so Jay-Z is a sell out for doing that
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