Jay Z & Barneys Deal Hauled In $1 Million Profit, Source Says
Jay Z and Barneys kept their names in the headlines over the past few months after controversy surrounding the high-end department store and a pair of racial profiling incidents. The Brooklyn mogul defied critics who wanted him to end the clothing deal with the Manhattan store, and it appears Hov’s steadfastness paid off to the tune of $1 million in profits thus far.
Although Jay Z split with the wishes of many by forging ahead with the collaboration with Barneys, a source close to the situation offered the weighty profit numbers. If true, this bodes well for the Shawn Carter Foundation. Jay Z and Barneys pledged that 100 percent of the clothing line’s profits, and 10 percent of the the store’s sales on the debut of the collection would go to the nonprofit organization. The New York Daily News reported on the numbers, offering just scant details at the moment.
From the New York Daily News:
A source close to Barneys said figures were being tallied on Friday, the last day of sales, but profits had exceeded the million-dollar mark. The collection was unveiled amid a surge of criticism from Jay Z fans who wanted him to pull out of the Barneys deal after two black shoppers said they were racially profiled at the high-end store.
Instead, the rapper and the store pledged that 100% of the collection’s profits and 10% of all of Barneys’ sales on the day of the line’s debut would go to the foundation, which helps needy students pay for college.
While the numbers haven’t been officially released, considering the price of the items, the profit doesn’t seem far-fetched at all.
Crocodile jackets valued at $58,000 and $900 baseball hat sales could add up quickly. Also last month, Hollywood actress and pal Gwyneth Paltrow reportedly dropped $100,000 on the “A New York Holiday” collection.