March 7, 2007
Jay-Z Sells Rocawear. Pockets a Truckload of Cash.
In true business man fashion, Sean Carter, aka, Jay-Z sold his clothing company, Rocawear today for a reported $204 million dollars. The company was sold to Iconix, the parent company to Candies, Joe Boxer, Ocean Pacific and London Fog. Jay-Z will stay on as the Rocawear's main figurehead overseeing marketing, product development and his luxury line which hits stores in 2008, The Sean Carter Collection. And Jay-Z also has the potential to make another $35 million in Iconix stock if the brand continues to perform well. If you ask me, that was a smart gangster move. Grow a company, make a name for it, catch the attention of some long dollar investors, then sell it. It's the American way.