Rapper and mogul JAY-Z is selling his successful clothing company Rocawear for a staggering $204 million (£105 million).The star, real name SHAWN CARTER, is selling his business to the Iconix Brand Group, a company that also licenses and markets brands such as Candies, Joe Boxer, London Fog and Ocean Pacific.JAY-Z launched his fashion label Rocawear, which is part of the rappers Roc-A-Fella Empire, in 1999 with Damon Dash during his Hard Knock Life tour. The design of his clothing line was modelled on the streetwear style of the clothes the rapper himself wears, including tracksuits, denim and bomber jackets.

Jay-Z will continue to be in charge of all product development, marketing and licensing for Rocawear, which boasts annual retail sales of over $700 million (£359 million).

He explains, "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."According to AllHipHop.com, the deal could also net the rapper $35 million (£18 million) in Iconix stock if the Rocawear brand meets certain performance requirements over the next few years.Iconix executives and Jay-Z have also reached a deal to form a new brand management and licensing company that will debut a new luxury brand called The Shawn Carter Collection, which is set to hit stores in 2008.

Tagged in