Jay-Z Sells Rocawear For $204M

According to reports, rapper Jay-Z “Shawn Carter” sold his clothing company Rocawear to business Iconix Brand Group for $204 million dollars in cash and will receive an additional $35 million of Iconix stock…

According to reports, rapper Jay-Z “Shawn Carter” sold his clothing company Rocawear to business Iconix Brand Group for $204 million dollars in cash and will receive an additional $35 million of Iconix stock over the next three to five years. The business Iconix Brand Group is a company that licenses and market brands like Joe Boxer and London Fog.

Even though the rapper sold his company he will continue to be over all product development, marketing and licensing for Rocawear which, sources state, racks over $700 million annually in retail sales.

Inaddition, Iconix executives and Jay-Z also made a deal to form a new brand management and licensing company that will feature a new luxury brand called “The Shawn Carter Collection”, which is slated to be in stores in 2008.

In 1999 Rocawear was launched as part of the Roc-A-Fella signature along with Damon Dash.