home  |  celeb  |  music  |  movie  |  tv
Home > Celebrity Gossip

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

March 7, 2007, 3:34 am 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.

More Jay-Z News

TODAY'S HEADLINES

Katie Holmes Reveals Daughter Suri's Christmas Wish List

November 25, 2014, 2:58 pm GMT

Possible Plot for 'Star Wars' Spin-Off Revealed

November 25, 2014, 9:23 am GMT

Vanessa Hudgens Wins Restraining Order Against Man Who Flew From Africa to Marry Her

November 25, 2014, 9:18 am GMT

Pharrell Williams and Gwen Stefani Record New Song 'Shine' for 'Paddington' Movie

November 25, 2014, 9:05 am GMT

Sylvester Stallone Regrets 'Expendables 3' PG-13 Rating

November 25, 2014, 8:59 am GMT

Jennifer Aniston Sports Inflatable Bra, Shows Her Version of Kim Kardashian on 'Ellen'

November 25, 2014, 8:51 am GMT

'Mad Men' Creator Matthew Weiner Honored at International Emmy Awards

November 25, 2014, 8:37 am GMT

Kim Jong-Un Introduced in Final Trailer of 'The Interview'

November 25, 2014, 8:36 am GMT
Switch to Desktop Version.