Via a deal with Parlux Fragrances, [artist id="1269"]Jay-Z's[/artist] Iconic Fragrance will
launch scents for Kanye West and Rihanna in the summer of 2010, according to MarketWire.com.
"We are excited for the opportunity to partner with Parlux and their management team in the launch of these dynamic new brands," Jay said in a statement. "This venture will take what is already a successful franchise at Parlux to a new level."
This deal guarantees Iconic the payment of royalties, profit sharing, and the issuance of warrants to purchase common shares of Parlux at a strike price of $5 per share. Neil Katz, Chairman and CEO of Parlux, said, "We are extremely excited to begin work on our projects with [artist id="1940303"]Rihanna[/artist] and [artist id="1230523"]Kanye West[/artist]. Each is an extremely highly regarded celebrity at the top of his or her profession who is undoubtedly going to make an indelible impression in the fragrance industry, just as each has done in the entertainment world. Their stars continue to rise rapidly in the entertainment arena, which will represent a terrific springboard for us in launching their fragrance brands. This agreement also enhances our attractiveness to other premier talents interested in associating with an established manufacturer and distributor of fragrance products."
Other celebrities that have teamed up with Parlux include Paris Hilton, Queen Latifah, Marc Ecko and Jessica Simpson. Parlux is currently in talks with Jay-Z and an unidentified female artist to release an additional fragrance. Details are expected to be released next month.