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Wednesday, April 8, 2009 | 12:50pm
Jay-Z Brokers Frangrance Deal for Rihanna, Kanye Through Iconix
Major Wall Street Implications. We go inside the numbers
The Godfather of Hip Hop is back at it again. Jay-Z has teamed up with Parlux Fragrances for his proteges, Kanye West and Rihanna. The Miami Herald is reporting that the fragrance company announced a licensing and partnership deal with Jigga’s newly formed Iconic Fragrances under which Parlux would obtain the rights to distribute Rihanna, Kanye West and an unidentified female artist.
Florida based, Parlux makes perfumes and accessories for Paris Hilton, Jessica Simpson, GUESS?, Nicole Miller, Natori, Queen Latifah, XOXO, Ocean Pacific, Andy Roddick and others. Under the terms of the licensing deal, Iconic would receive royalties, profit sharing and warrants to purchase common shares of Parlux for $5 per share.
But get this upon news of the partnership Parlux’s stock jumped up more than 75 percent in morning trading. The stock opened at $1.24 per share and was trading as high as $1.82. The long-term idea is to have Iconic and the artists become major shareholders of Parlux, owning as much as 12 million shares. The deal requires Parlux shareholders to increase the company’s authorized common stock from 30 million shares to 40 million.
FILED IN Business & Marketing, Music, News
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