Jay-Z Sells Rocawear for $204 Million
Iconix Brand Group Inc., an owner, licenser, and marketer of consumer brands said it agreed to buy Jay-Z’s Rocawear brand for $204 million in cash. The purchase price also includes contingent payments of an additional $35 million of Iconix stock based on the brand suprassing some performance thresholds over the next three to five years. Jay-Z will retains his stake in the company and will be in charge of all product development, marketing, and licensing for Rocawear. Iconix owns popular brands as Candies, Joe Boxer, Mudd, London Fog, Bongo, Ocean Pacific, and others. Iconix and Jay-Z have also reached a deal to form 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. Click here to read more.