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ICONIX BRANDS PURCHASES ROCAWEAR FOR $204 MILLION

ICONIX BRANDS PURCHASES ROCAWEAR FOR $204 MILLION

Rocawear Iconix brands today announced that they have acquired Jay-Z’s co-founded Rocawear brand.  Iconix, which owns brands like Joe Boxer and Candie’s, said that they acquired Rocawear, with its annual sales of over $700 million, in order to diversify their portfolio.

As part of the deal, Jay get’s to keep his percentage in the company and will remain Roacawear’s chief creative officer.

Iconix will also enter into a separate joint venture with him, in order to set-up a new company who’s sole purpose will be identifying brands to develop or acquire.

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