In a deal announced today, rapper Jay-Z will be selling his Rocawear clothing line to Iconix Brand Group for $204 million cash. The deal could also net the former crack dealer $35 million in Iconix stock if the brand meets certain performance requirements. Iconix Chairman and CEO Neil Cole said:
This is the largest acquisition Iconix has made and Rocawear is a brand that is increasing in market share and has extraordinary potential for growth…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.”
Iconix is going to be a retail powerhouse because everybody I know wears Rocawear. They always look so fresh at the bus stop when they finally get it off layaway. I just hope Jay-Z will use the financial windfall to help fix inner city communities, preferably not the way he did when he was a drug dealer. Wait, did I say “inner city communities.” I meant “his nose.” Yikes, they could use him to sniff for bombs.
Beyonce, her velcro bun and her shopping bag holder on a recent shopping trip:
Fun Jay-Z crap: “The youngest of four kids brought up by a single mom, Jay-Z grew up with rap greats like Notorious B.I.G., but had no deal of his own. Instead, he sold crack, moving from city to city. He liked being a leader. “I used to wear a rubber band on my wrist, like a ghetto money clip,” he has said. “The little dudes who were working with me had to earn their rubber bands . . . make a certain quota for the week to get the rubber band. If they did something that wasn’t thorough, like lost work or put someone on the team at risk, they got their rubber band popped.”