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Jay-Z has reportedly sold his Rocawear clothing line to the Iconix Brand Group Inc for $204 million in cash.
According to Reuters, Iconix, the owner of brands such as Joe Boxer and Candie's, chose to acquire Rocawear to diversify its portfolio of brands and raise its 2007 earnings outlook. The company expects Rocawear to generate about $43 million in royalty revenue in the first 12 months under its fold.
As part of their agreement, Jay-Z (born Sean Carter), will continue to be chief creative officer of Rocawear and will also retain his stake in the operating company. Hov's partners, Alex Bize and Norton Cher, will continue to run the company and enter into a long-term license agreement with Iconix.
Also as part of the deal, Iconix will also enter into a separate joint venture with the Brooklyn bred rapper to establish a new brand management and licensing company to identify brands to be acquired or developed
Rocawear made headlines last year when the clothing line was accused of using dog fur on one of its jackets. The brand is also facing a trademark and copyright infringement suit filed by former WWE superstar Diamond Dallas Page.
Page claims Jay-Z illegally adopted his trademark hand gesture, the "Diamond Cutter," and sold Rocawear merchandise displaying the hand symbol.
Source: sohh.com
According to Reuters, Iconix, the owner of brands such as Joe Boxer and Candie's, chose to acquire Rocawear to diversify its portfolio of brands and raise its 2007 earnings outlook. The company expects Rocawear to generate about $43 million in royalty revenue in the first 12 months under its fold.
As part of their agreement, Jay-Z (born Sean Carter), will continue to be chief creative officer of Rocawear and will also retain his stake in the operating company. Hov's partners, Alex Bize and Norton Cher, will continue to run the company and enter into a long-term license agreement with Iconix.
Also as part of the deal, Iconix will also enter into a separate joint venture with the Brooklyn bred rapper to establish a new brand management and licensing company to identify brands to be acquired or developed
Rocawear made headlines last year when the clothing line was accused of using dog fur on one of its jackets. The brand is also facing a trademark and copyright infringement suit filed by former WWE superstar Diamond Dallas Page.
Page claims Jay-Z illegally adopted his trademark hand gesture, the "Diamond Cutter," and sold Rocawear merchandise displaying the hand symbol.
Source: sohh.com