AHH Stray News: Jay-Z's Rocawear Profitable During Tough Economy

Hip-Hop apparel brand Rocawear helped its parent company Iconix Brand Group post a better-than-expected quarterly profit, despite a sluggish economy and a tough U.S. retailing market. Iconix, which bought Rocawear from Jay-Z in 2007 for $204 million dollars, earned over $18.3 million dollars for the third quarter of 2008. According to Iconix CEO Neil Cole, Jay-Z’s direct involvement with Rocawear helped boost the company’s earnings, as did growing sales from the company’s London Fog brand of clothing. According to Cole, the two brands were the “two biggest standouts in the quarter.” Iconix also owns brands like Candie's, Joe Boxer, Starter and OP. and Rocawear. Rocawear also recently debuted its first fragrance, 9IX Rocawear.