Libragal07
Loving Summer.....
Member since 8/06 6636 total posts
Name:
Samantha aka Sammy Bones
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And The Rich Get Richer
Jay-Z has entered into a deal to sell his successful clothing company Rocawear.
The best part?
He's set to receive $204 million in CASH for it!!!!!
The hip hop mogul will be selling his apparel line to the Iconix Brand Group, a company that licenses and markets such popular brands as Candies, Joe Boxer, Mudd, London Fog, Ocean Pacific and others.
And, Jay is set to make even more money if Rocawear continues to perform well.
The deal, which was announced Tuesday, could also net Jay-Z $35 million in Iconix stock, if the Rocawear brand meets certain performance requirements over the next three-five years.
Jay-Z will still stay on board as figurehead of the company and he will continue to be in charge of all product development, marketing and licensing for Rocawear, which boasts annual retail sales of over $700 million.
And, Beyonce's man has also signed a new deal with Iconix to launch a new luxury brand, The Shawn Carter Collection, which is due in stores in 2008.
If he ever marries that armpit-loving gal, we hope he has a good pre-nup agreement!
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