Jay-Z’s Rocawear fashion line has managed to stay above water and earn money for its parent company Iconix Brand Group despite a dramatic downturn in the U.S. economy.
Iconix, which bought Rocawear from Jay-Z in 2007 for $204 million, banked more than $18.3 million for the third quarter of 2008, reports Allhiphop.com.
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, the Web site reported. According to Cole, the two brands were the “two biggest standouts in the quarter.”
Rocawear also recently debuted its first fragrance, 9IX Rocawear.