Sean ‘Jay-Z’ Carter has $204million in cash to deposit at the bank after selling his popular clothing label, Rocawear.
The new owner of Rocawear is the Iconix Brand Group who expect to turnover $43million within one year after initial purchase.
Jay-Z will work with the company and has many motivations to do so – if Rocawear performs as expected, Jay-Z will score an additional $35million in Iconix stock.
Iconix and Jay-Z will also join forces to set up a similar but separate company to Iconix that will release a high end fashion line called The Shawn Carter Collection in 2008.
Jay-Z was understandably pleased with the move. He mentioned he was “…looking forward to working with Neil Cole and the Iconix organization on other brand development opportunities. 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."
Neil Cole is the Chairman and CEO of the Iconix Brand Group and added that “The leadership team is already in place to fulfill our mission and we will maintain complete continuity within the business by having Jay and his team in charge of all product development, licensing and marketing.”
“Iconix will add talent and resources that I believe will help make Rocawear a billion dollar global brand. This acquisition will be transformative for Iconix in terms of its scale, the diversification it brings to our portfolio of brands as well as having someone as talented as Jay-Z joining our company and the many synergies that could bring."
The deal is still being finalised and is expected to conclude next month.
The new owner of Rocawear is the Iconix Brand Group who expect to turnover $43million within one year after initial purchase.
Jay-Z will work with the company and has many motivations to do so – if Rocawear performs as expected, Jay-Z will score an additional $35million in Iconix stock.
Iconix and Jay-Z will also join forces to set up a similar but separate company to Iconix that will release a high end fashion line called The Shawn Carter Collection in 2008.
Jay-Z was understandably pleased with the move. He mentioned he was “…looking forward to working with Neil Cole and the Iconix organization on other brand development opportunities. 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."
Neil Cole is the Chairman and CEO of the Iconix Brand Group and added that “The leadership team is already in place to fulfill our mission and we will maintain complete continuity within the business by having Jay and his team in charge of all product development, licensing and marketing.”
“Iconix will add talent and resources that I believe will help make Rocawear a billion dollar global brand. This acquisition will be transformative for Iconix in terms of its scale, the diversification it brings to our portfolio of brands as well as having someone as talented as Jay-Z joining our company and the many synergies that could bring."
The deal is still being finalised and is expected to conclude next month.
