Music mogul and entrepreneur Jay-Z has a personal wealth estimated by Forbes at $500 million, but his clothing brand Rocawear has reportedly stiffed a New York wholesaler to the tune of $450,000.
Page Six indicates the apparel group ordered $1 million in brand name imprinted merchandise from iSource NYC last year, with shipments arriving from Pakistan in April-June 2012.
According to the lawsuit, Rocawear paid for only half of last year’s “urban-style specialty goods” and iSource is requesting an additional payment of $450,000 plus 9 percent interest.
Rocawear is a clothing manufacturer based in New York that was created in 1999 by Damon Dash and Jay-Z. In 2007 the rights to the brand were sold to Iconix Brand Group for $204 million, with Jay-Z reportedly retaining his stake in the company and continuing to oversee the marketing, licensing, and product development.
The company partnered in 2011 with Pharrell Williams‘ clothing label, Billionaire Boys Club.
Jay-Z recently relinquished his ownership stake in the Brooklyn Nets in order to become a certified sports agent as part of his newly-launched business venture Roc Nation Sports.
Reps for Rocawear have not yet commented on the lawsuit.
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