Damn, Jay-Z sells his clothing company for $204 million

Rapper/mogul Shawn "Jay-Z" Carter has entered into a deal to sell clothing company Rocawear for $204 million in cash to the Iconix Brand Group, a company that licenses and markets such popular brands as Candies, Joe Boxer, Mudd, London Fog, Ocean Pacific and others.

The deal, which was announced on Mar. 6, could also net Jay-Z $35 million in Iconix stock, if the Rocawear brand meets certain performance requirements over the next three-five years. 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. Article here.