Famous rap icon and mogul Jay-Z will be adding another endeavor to his goal: conquering the cosmetic game! Today, Parlux Fragrance Inc., manufacturer and international distributor of prestige products announced that it has signed an agreement with Iconic Fragrances, LLC., a licensing company in which rap icon Jay-Z is a principle. The agreement includes individual licenses for Kan-yeezy and pop princess Rihanna. This isn’t new for Jay since he’s part owner of Carol’s Daughter.
This agreement (that has been in negotiations for 9 months) affords for the payment of royalties, profit sharing, and the issuance of warrants to purchase common shares of Parlux starting at $5 per share.
Jay-Z stated, "We are excited for the opportunity to partner with Parlux and their management team in the launch of these dynamic new brands. This venture will take what is already a successful franchise at Parlux to a new level."
The Company will host a conference call Tomorrow, April 8, 2009, at 12:00 p.m. (EDT) to further discuss the Iconic agreement and to provide additional outlook for the upcoming fiscal year. Another addition to Hovie’s resume.
Smells like Ca-Ching to me