Jay-Z Inks Chinese Expansion Deal for Rocawear
Mogul Jay-Z and partnering company Iconix China have secured an expansion deal to bring the Rocawear brand to the country of China.
The deal was finalized with Bosideng International Holdings, who will manufacture the brands Spring 2010 lines.
Additionally, the company has forecasted a timetable to break ground on over 300 Rocawear stores throughout Greater China by 2012.
As an original founder of Rocawear, Jay-Z stated that making the brand an international product was one of his main goals since selling the companys rights to Iconix for $204 million.
"When Iconix purchased the Rocawear trademark two years ago, Neil Cole and I made a commitment to building Rocawear into a global lifestyle brand, Jay explained in a prepared statement. Our expansion into China is a validation of our joint efforts to bring an authentic interpretation of American fashion to young people around the world."
The deal is reported to be a 50-50 split venture with Iconix Brand Group and Novel Fashion Holding Limited.
Last year, the Rocawear brand remained strong despite the ailing U.S. economy, grossing sales of 18.3 million dollars in the third quarter alone.
At press time, Jay-Zs Blueprint 3 LP is tentatively aimed for a September release.