New York, NY (PressExposure) September 17, 2009 -- Rocawear is considered as one of the top brands of urban clothing lines available today. Because of its success in the urban community, reports indicated that rocawear has annual sales of $700 Million. Through this, rocawear expanded its brand through licensing pacts to develop lines for children and juniors; socks and sandals; leather, suede, and fur outerwear; handbags and belts; lounge wear; big and tall; headwear; jewelry; and sunglasses; as well as co-branded product with Pro-Keds, State Property, and Team Roc. This success, however, wouldn't possible without its two founders, a popular hip-hop artist and a notable American label executive, Jay-Z and Damon Dash.
Shawn Corey Carter, better known by his stage name, Jay-Z, is one of the most popular American hip hop artist as well as one of the most successful businessman. He is the former CEO of Def Jam Recordings and Roc-A-Fella Records. He co-owns The 40/40 Club and the New Jersey Nets. He is one of the most financially successful hip hop artists and entrepreneurs in America, having sold over 26 million units in the United States and receiving several Grammy Awards for his musical work. But aside from these business ventures, Jay-Z have also started his own line of urban clothing lines, along with the help of his friend, Damon Dash.
Aside from co-founding Roc-A-Fella Records, Jay-Z and Damon Dash have also co-founded a clothing line they called Rocawear. However, this partnership didn't last for long. The line was taken over by Jay-Z in early 2006 following a falling out with co-founder Damon Dash.
Dash sold his stake in rocawear for $30 million to partner, Shawn "Jay-Z" Carter. Dash is working to launch his CEO Clothing line but it has not been seen by the public. The clothing line was featured in a magic trade show in Las Vegas. He also has a stake in the clothing line of his wife, Rachel Roy; in June 2008 Jones Apparel Group, along with TSM Capital purchased a 50% equity stake in the line. Dash and Rachel Roy have signed a joint venture deal with Jones Apparel Group Inc to develop, market and license the New York-based fashion brand.
In March 2007, Jay-Z then sold the rights to the rocawear brand to Iconix Brand Group for $204 million. Although the rights for the clothing line was shifted from Jay-Z to Iconix, Jay-Z is said to have retained his stake in the company and will continue to oversee the marketing, licensing, and product development.