Jay-Z Scores $200 Million Dollar Payday

Rapper Jay-Z (real name Shawn Carter) sold his clothing company Rocawear for a reported $204 million dollars to a company called Iconix.

The deal, which was announced today, (Mar. 6) could also net Jay-Z $35 million in Iconix stock, if the Rocawear brand meets certain performance requirements over the next three-five years. “Iconix is pioneering a new brand management model and by combining Rocawear with their platform, my team and I can focus on our strengths in design and lifestyle
marketing.” Jay-Z said. “I’m also looking forward to working with Neil Cole and the Iconix organization on other brand development opportunities.”

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. The rapper will retain his stake in the operating company the manufactures all of the Rocawear men’s apparel line, and the mogul’s two partners, Alex Bize and Norton Cher, will continue to ran the manufacturing company.

(source)