Rapper mogul Jay-Z has entered into a deal to sell his clothing company "Rocawear" to Iconix Brand Group, a company that licenses and markets such popular brands as Candies, Joe Boxer, Mudd, London Fog, and Ocean Pacific among others, for $204 million in cash.
The deal, announced Tuesday March 6th, will also make it possible for Jay-Z to net $35 million in Iconix stock, if the Rocawear brand meets certain performance requirements over the next three-five years. And so the rich gets richer.
As part of the deal, 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.
That's not all for Jay-Z and Iconix 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. The deal is expected to close this month.