Damon Dash sells Rocawear stake
Damon Dash has exited his label Rocawear, selling his 25 percent stake for £30 million. Instead he prefers to focus on his wife Rachel Roy's contemporary line, his Damon Dash menswear collection, the State Property sportswear line and the athletic collection Team Roc.
In the past five years, I've learned so much and made so much money that I don't feel any animosity, he told WWD. We've all prospered. With this he referred to his partners hip hopper Jay-Z and Russian investors Alex Bize and Norton Cher of the Comet Group.
I feel like my partners don't understand what I'm trying to represent. We were getting a bit too demographic. I also think my partners, but not Jay he wasn't really active as far as the business went were thinking I was using Rocawear to fund my lifestyle. I think they felt like I was using Rocawear money to fund everthing else I was doing when, in actuality, I was funding other companies, like America magazine, out of my own pocket.
Dash told WWD that his partners took out a loan to acquire his 25 percent and he's happy. I don't know what they're going to do with my 25 percent but I don't care. Just give me my money.
27 September 2005
Rocawear opens European showroom in the Netherlands
Rocawear, the popular young men's streetwear brand, announced the opening of
its first overseas corporate office and showroom in Almere, the Netherlands.
The company intends to expand Rocawear distribution throughout Europe and the
new showroom will serve as the cornerstone of its European business.
"Our Netherlands office will present Rocawear apparel and accessories and
all we have to offer to our European retailers. With the proper sales force,
we expect to build our business in Europe. Internationally expanding our business
represents an important part of our long-term growth strategy," says CFO,
Ronnie DeMichael.
The 300 square meter showroom is located in the New Fashion Centre in Almere.
The centre is a competitor of the traditional World Fashion Centre, which is
situated in Amsterdam.
J.J. Ramelet, VP of Sales, will head the sales force that will expand Rocawear
to countries like the UK, Switzerland, Spain and Belgium. Currently, Rocawear
is sold internationally in Canada, France, Germany, England, Russia and Japan.
Founded in 1999, Rocawear was created when Damon Dash and Jay-Z recognized a void in the menswear market for an apparel line that was a true representation of their lifestyle. The line is primarily denim-driven and is known for its' clean, simple, modern collegiate designs. Today, the line has grown into a $200 million dollar business and has expanded to include children's, infants, Big & Tall, loungewear, hats, belts and a highly successful junior's line.
December 12, 2002
www.rocawear.com
Naomi Campbell will appear in an upcoming advertising campaign for Jay-Z's Rocawear clothing line. According to reports, the brand is looking to change their current image.
"We wanted to change the direction that Rocawear was taking, by making things a little more iconic," marketing director Dana Hill told People magazine. "She will take Rocawear to a new level, where it can appeal to a more varied audience."
December 12, 2002
www.rocawear.com