Entrepreneur of all business, Sean Jay-Z Carter was defending himself in federal court in New York City to answer questions from SEC.
Leaving Beyoncé to watch the babies at home, “Jay-z” was in front of cameras waving and showing his point of innocence. The Securities and Exchange Commission started an investigation and filed a subpoena on Shawn Carter, Jay-Z’s birth name to appear in court. Jay did sell his Rocawear brand to iconix more than 10 years ago for about $204 million.
According to Wikipedia, Rocawear is an American clothing retailer based in New York. It was created in 1999 by Roc-A-Fella Records co-founders Damon “Dame” Dash and Shawn “Jay-Z” Carter, and has had annual sales of $700 million.
Lawyers stated that the SEC has gone on a “celebrity witch hunt” and Sean is submitted to unlimited questions regarding his business interests. In March 2016, Iconix announced a $168 Million write off Rocawear, and in March of this year, it made a further write-down of $34 million.
“The King of hip-hop” is expected to be questioned regarding the value of the Rocawear trademark following the sale, during which he stated to oversee marketing and product development according to the Guardian.
Jay had always been a man of multiple words and continues to be a major influence as well as Dame Dash . Regular shoppers, who search for Urban Brands from Fubu, Karl Kani and True Religion are still wearing Rocawear and will continue to support the brand. The Urban Twist is on it!
More details coming soon….
