According to the Althiphop.com, rapper/mogul Jay-Z is willing to let go and sell his clothing company Rocawear for $204 million in cash! He actually entered into a deal to sell Rocawear to the Iconix Brand Group (that licenses and markets brands as Candies, Joe Boxer, Mudd, London Fog, Ocean Pacific and others). The deal, which is expected to be close this month, could also net Jay-Z $35 million in Iconix stock, if the Rocawear reaches a higher level over the next three-five years.

Meanwhile, Iconix and Jay-Z (who will continue to be in charge of all product development, marketing and licensing for Rocawear) have will create 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.

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. I’m also looking forward to working with Neil Cole and the Iconix organization on other brand development opportunities.
- said Jay-Z -

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