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



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


MORE FROM NEWS

Leave a Comment

Required fields are marked with *

   

TODAY'S HEADLINES

  1. Pregnant Beyonce Is 'Going Into Hiding' as She and Jay-Z Are 'Signatures Away From a Divorce'
  2. Kylie Jenner Goes Makeup Free During a Day Out With Tyga
  3. Report: Michael Strahan Begging to Return to 'Live! with Kelly' After Feud With 'GMA' Co-Host
  4. Beyonce's Ex Manager Reveals How the Singer Is Trying to Save Her Marriage to Jay-Z
  5. Madonna's Malawi Twins' Father Says He Didn't Realize the Adoption Was Permanent
  6. Stella Maxwell Shows Off Her Pert Derriere in Cheeky Hotpants
  7. Angelina Jolie Finally Breaks Silence on Brad Pitt Split: We Will Always Be a Family
  8. Brad Pitt Acknowledges Angelina Jolie's 'Crush' on Jared Leto
  9. Portia de Rossi 'Livid' Over Ellen DeGeneres Putting Their House on Sale
  10. Kourtney Kardashian Hugs Mystery Man as Scott Disick Remains MIA

CELEBS PHOTO