Owner of Mossimo Acquires Rocaware
Rapper/mogul Jay-Z had a pretty good day yesterday, selling his Rocawear clothing line to Iconix Brand Group Inc for $205 million. Jay-Z’s success comes in understanding his brand, according to brand strategists. “He’s been able to maintain the link to the roughness and hard edge of the urban world, but also present a persona that’s accepted in more mainstream circles,” the paper quotes
Jay-Z will be in charge of all of Rocawear’s product development, marketing and licensing, and his senior management team will stay on board, the company said. Jay-Z’s partners, Alex Bize and Norton Cher, will become the licensees for the core business.
The rapper and Iconix also will launch a joint venture to buy and develop more brands, starting with a luxury line called Shawn Carter Collection with suits, watches and fragrances. It will debut next year. Cole expects it will sell in high-end stores such as Saks and Neiman Marcus.
Iconix Brand Group Inc. owns Joe Boxer, Mossimo and Ocean Pacific - none of which are considered “hot” on the streets right now.
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