Jay-Z: Down To 98 Problems Yet?
Massive pay day as Jigga sells Rocawear
Successful rap career? Check. Beautiful fiance? Check. Blinging, international jet-setting lifestyle? You betcha.
But life just got $204m better for Jay-Z with the announcement that hes selling his Rocawear fashion label.
Shawn Jigga Carter is selling his clothing line to the Iconix Brand Group, but will still be in charge of product development, marketing and licensing. And whats more, hell get a further $35m in Iconix shares if the label meets sales targets in coming years.
The rapper explained: "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."
Rocawear currently brings in $700m a year in retail sales, but Iconix say theyll be looking to increase that to $1bn.