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Rapper Jay-Z Sells Clothing Company "Rocawear" to Iconix Brand Group

March 07, 2007 03:34:21 GMT

Jay-Z has agreed to sell his Rocawear clothing brand to Iconix Brand Group for $204 million in cash.


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.

© AceShowbiz.com




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