Rap mogul Jay-Z will soon be selling off his clothing company Rocawear for $204 million in cash to the Iconix Brand Group, a company that licenses and markets such popular brands as Candies, Joe Boxer, Mudd, London Fog, and Ocean Pacific.
Ala Howard Stern’s deal with Sirius, Hova’s deal could also net the rapper $35 million in Iconix stock, if the Rocawear brand meets certain performance requirements over the next three-five years.
"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 in a statement. "I'm also looking forward to working with Neil Cole and the Iconix organization on other brand development opportunities."
Jay-Z will retain his stake in the operating company and continue to be in charge of all product development, marketing and licensing for Rocawear, which nets an annual retail sales of over $700 million.
Yes, that’s $204 million IN CASH.
Sorry, I just can’t get over that…