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03-08-2007, 02:59 PM
JAY-Z SELLS ROCAWEAR FOR $204 MILLION
By: . EURWeb
Mar. 08, 2007
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Company joins Joe Boxer, Candies and Ocean Pacific under Iconix Brand Group
This article is provided courtesy of our partner eurweb.com
It was announced Tuesday (March 6) that Jay-Z is unloading his Rocawear clothing label for $204 million in cash to the Iconix Brand Group, a company that licenses and markets such brands as Candies, Joe Boxer, Mudd, London Fog and Ocean Pacific.
According to reports, the deal could also net Jigga $35 million in Iconix stock, if the 12-year-old Rocawear brand meets certain performance requirements over the next three to five years.
Under the agreement, Jay-Z will continue to oversee all product development, marketing and licensing for Rocawear, which reportedly earns over $700 million in annual retail sales. He’ll also retain his stake in the operating company that manufactures the Rocawear men's apparel line.
"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." Jay-Z said. "I'm also looking forward to working with [CEO] Neil Cole and the Iconix organization on other brand development opportunities."
Iconix believes its venture with Rocawear will generate almost $43 million in royalty revenue during the first 12 months of the agreement.
Meanwhile, 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.
By: . EURWeb
Mar. 08, 2007
Print Email Not Avail
Company joins Joe Boxer, Candies and Ocean Pacific under Iconix Brand Group
This article is provided courtesy of our partner eurweb.com
It was announced Tuesday (March 6) that Jay-Z is unloading his Rocawear clothing label for $204 million in cash to the Iconix Brand Group, a company that licenses and markets such brands as Candies, Joe Boxer, Mudd, London Fog and Ocean Pacific.
According to reports, the deal could also net Jigga $35 million in Iconix stock, if the 12-year-old Rocawear brand meets certain performance requirements over the next three to five years.
Under the agreement, Jay-Z will continue to oversee all product development, marketing and licensing for Rocawear, which reportedly earns over $700 million in annual retail sales. He’ll also retain his stake in the operating company that manufactures the Rocawear men's apparel line.
"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." Jay-Z said. "I'm also looking forward to working with [CEO] Neil Cole and the Iconix organization on other brand development opportunities."
Iconix believes its venture with Rocawear will generate almost $43 million in royalty revenue during the first 12 months of the agreement.
Meanwhile, 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.