Hip-hop mogul Damon Dash has quit Rocawear Clothing Company-the flagship sportswear brand that he and Shawn "Jay-Z" Carter helped build, according to the latest issue of DNR magazine. .
Dash relinquished his 25 percent stake in the company and CEO title at the end of last month.
Dash also exited with an estimated $30 million dollars and controlling interests in various Rocawear spin-off apparel and fashion brands. The company’s wholesale figures for 2004 were an estimated $400 million.
More than just a sale, Dash’s move to unload his holdings in Rocawear signals yet another break from a company he and Carter engineered.
Last year, Dash and Carter sold their stakes in Roc-A-Fella Records, the seed of their empire, in a joint buyout by Universal and Def Jam records.
But Dash-who has holdings in electronics, film, magazine, recording and liquor companies-departs from Rocawear with a chin-up demeanor.
"It was amicable," said Dash, who debuted his latest venture, "The Ultimate Hustler," on BET this week" "I’ve made too much money to be mad about anything,” he said
Still, Dash was displeased that Carter was now showing a renewed interest in the brand after a wayward commitment to the company since its 1999 inception. Carter will now be in the Rocawear office two or three times a week, a Rocawear official said.
Carter, recently became president of Universal Music Group’s Def Jam Recordings label and who retired last year from rapping, was suppose to oversee the design and marketing of the apparel, said Dash
"Jay’s job was to wear the clothes and sing about them in his records," Dash said. "When he stopped promoting the brand I had to step in. But I never wanted to be the face of the company."
"I just wish he would have come to work before. The company would have been twice what it is now."
Carter, who now owns the company with newly appointed CEO Alex Bize and Norton Cher, did not respond for comment to the DNR article.
“I never thought I could have so much money so quickly, and I have no doubt that Rocawear will continue to be successful. The company was my idea, and now they’re driving the car that I built,” said Dash.