JAY-Z

The star, real name SHAWN CARTER, is selling his business to the Iconix Brand Group, a company that also licenses and markets brands such as Candies, Joe Boxer, London Fog and Ocean Pacific.

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 (GBP359 million).

He explains, "Iconix is pioneering a new brand management model and by combining Rocawear with their platform, my team and I can focus on our strengths in design and lifestyle."

According to AllHipHop.com, the deal could also net the rapper $35 million (GBP18 million) in Iconix stock if the Rocawear brand meets certain performance requirements over the next few years.

Iconix executives and Jay-Z have also reached a deal to form a new brand management and licensing company that will debut a new luxury brand called The Shawn Carter Collection, which is set to hit stores in 2008.

Source: WENN