Jay-Z Prepares To Roll Around In Even Bigger Pile Of Money
Well, if Jay-Z decides to retire again, he’ll be able to buy a really nice place down in Florida. From Reuters:
Iconix Brand Group Inc. (ICON.O: Quote, Profile, Research) said it agreed to buy Rocawear lifestyle apparel brand co-founded by Shawn Carter, the entertainer known as Jay-Z, for $204 million in cash, and raised its 2007 earnings outlook. …
Carter will continue to be chief creative officer of the brand, which has annual sales of over $700 million, it said.
He will retain his stake in the operating company and his two partners, Alex Bize and Norton Cher, will continue to run the company and enter into a long-term license agreement with Iconix for the core young men’s apparel category.
Two hundred and four million in cash, huh? Looks like the Beyonce-Jay competition to “Upgrade” each other just got kicked up a notch.
Iconix buys Rocawear brand; raises 2007 outlook [Reuters, via Still Listen To Gangsta Music] Earlier: Videodrone: Beyoncé Would Like To Reassure You About Her Financial Situation
