The Jigga man's empire continues to grow with the recent acquisition of apparel brand Artful Dodger.
The high end clothing company was picked up for an estimated $15 million in cash by Scion, LLC - Hov's joint venture with Iconix Brand Group, Inc.
Formerly owned by Sovereign State, LLC the Artful Dodger brand is primarily sold in UK specialty stores and US boutiques.
As part of the new acquisition Scion will began an exclusive multi-year licensing agreement with Signature Apparel Group for both men's and women's Artful Dodger Sportswear. The agreement also calls for Artful Dodger founder Scott Langton to join Signature Apparel Group in order continue his work as creative director and head designer with the brand.
"Artful Dodger is an incredible brand with a lot of room for growth and Scott Langton is a visionary designer," Jay said via a statement. "They represent what's next and new in fashion and we are glad to have both the brand and Scott as a part of our family. Artful Dodger represents the first of many acquisitions that will begin to shape our joint venture with Iconix."
Scion is also currently considering building the brand beyond sportswear, evaluating licensees in addition to the existing sportswear license in order to include footwear and outerwear to grow Artful Dodger into a lifestyle brand.
"Artful Dodger is the perfect deal to launch Scion as we look for brands that have the potential to become lifestyle brands. The combination of Scott's design talent and the marketing strengths of Jay Z and Iconix will create exciting growth opportunities for the brand including distribution at high-end department stores and expansion into new product categories," Neil Cole, Chairman and CEO, Iconix, said also via statement.
The clothing company was named after the 19th Century character Artful Dodger who led a group of cunning young men in mischief throughout the UK.
The Artful Dodger purchase at Scion is just the latest in a series of power moves by Jay-Z. The Def Jam executive, artist and entrepreneur is currently serving a week-long stint as host of Sirius Satellite Radio's Channel 40 Hip-Hop Nation, which has been named "Jay-Z Nation" in honor of the MC's takeover which began November 5.
He's also slated to tie with Elvis Presley's chart-topping record if American Gangster hits No. 1 on Billboard, as is expected.
The album will be his 10th Billboard chart-topper, according to Nielsen SoundScan's Building Chart, released yesterday (November 7). That will tie him with Elvis for second place among artists with the most No. 1 albums. The Beatles hold the top spot with 19.
Jay-Z's concert on "106 & Park" will be airing on BET tomorrow (November 9) at 6 p.m. EST.
courtesy "sohh.com"
