Tag: Sean John

The Forbes Five: Hip-Hop’s Wealthiest Artists in 2015

Last May, shortly after word began to spread that Dr. Dre had sold his eponymous headphone line to Apple, the superproducer made a proclamation: rap’s first billionaire was about to be crowned, and he hailed from Los Angeles.

“The first billionaire in hip-hop, right here on the [expletive] West Coast,” exclaimed Dre in a video clip that went viral almost instantly. But the deal, whose value was initially reported at $3.2 billion, ended up at an even $3 billion in cash. After taxes, Dre’s 25% stake left him with a $500 million windfall–$100 million more than FORBES estimated his stake to be worth last April–and a net worth of $700 million.

Amazingly enough, Dre is not the richest man in hip-hop; that honor goes to Diddy, who clocks in at $735 million. The news may come as a surprise to many, but while Dre’s wealth derived from a single jackpot idea, Diddy’s is the product of his interests in a slew of companies, a handful of which could one day give him a Beats-esque exit.

Diddy has a deal with Diageo’s Ciroc vodka that guarantees him a split of the proceeds if the brand is ever sold, an event that would surely land him a nine-figure check. He also owns a controlling stake, or close to it, in clothing lines Sean John and Enyce, alkaline water brand Aquahydrate, new tequila DeLeon and multimedia network Revolt. Diddy founded the latter as a sort of next generation MTV with a renewed focus on music.

“Revolt got built out of the frustration Sean was having with music media being able to get his albums out there,” says Revolt chief executive Keith Clinkscales. “Sean has been aggressive in being sure that we put the power of the platform in the hands of musicians to be able to create with fans in their authentic voice.”

2015 Top 5 Hip-Hop Artists By Wealth:

  1. Diddy        $730 Million
  2. Dr. Dre      $700 Million
  3. Jay Z        $550 Million
  4. 50 Cent    $155 Million
  5. Birdman   $150 Million

Diddy isn’t the only hip-hop mogul with that aim. Jay Z, who ranks third with a fortune of $550 million, purchased and relaunched Scandinavian streaming service Tidal this year with promises of creating an artist-owned Spotify competitor set apart by exclusive content.

Though the star-studded rollout struck some as tonedeaf—prompting a flurry of rich-getting-richer criticism, and perhaps a change in strategy for Jay Z—Tidal is still early in its life as a company, and may yet prove to be an increasingly valuable asset to Jay Z and to the whole industry.

“It’s alerting people that streaming is a viable option for them to listen to music,” says Jay Frank, chief of digital marketing outfit DigMark, of Tidal. “The more that we have positive conversations on that, the more opposition we have to grow the business.”

50 Cent and Birdman round out the list of five, with fortunes of $155 million and $150 million, respectively. The latter’s total dipped slightly due to uncertainty surrounding Cash Money Records, by far his biggest asset, which has been dogged by rumors of the departure of big acts including superstar Lil Wayne. Continue reading “The Forbes Five: Hip-Hop’s Wealthiest Artists in 2015”

‘BRAG’ Gala Honors Iman, Raises $1M to Help Increase Diversity in Fashion

Iman

Long sequined gowns sparkled and crisp suits cloaked tall, masculine frames as guests arrived to the 43rd annual BRAG Gala in New York City Thursday night.  It was a spectacular evening that celebrated diversity in fashion and honored some of the industry’s most distinguished icons.

Over 600 guests arrived to the gala hosted by BRAG, a New York-based organization that has been a strong pillar of influence in recruiting and retaining diverse talent in retail and fashion-related companies.  The event was held within the spacious walls of New York’s Marriott Marquis, located in the heart of Times Square.

Among the night’s honorees were former supermodel Iman, the CEO & Founder of Iman Cosmetics, Skincare and Fragrances, Alain Lafontant, the Vice President of Business Development for Sean John, and Terry Lundgren, president and CEO of Macy’s Inc.

To BRAG, each of these individuals have achieved great accolades in their journey to success. Style expert Llyod Boston hosted the event and presented the awards to each of the deserving guests.  Lundgren, who has been the head of Macy’s for close to a decade, has actively pursued his mission in creating a work force that is as diverse as the customers who shop at the mega-department store. Because of this, and the success he has earned the multi-million dollar company, he was honored with the BRAG Business Achievement Award.

As for Iman, her walk may have landed her in some of the world’s most notable runway shows, but her entrepreneurial spirit and charitable work have made her one of fashion’s most accomplished women.  She has also proven herself to be a pioneer in the cosmetic industry after she launched Iman cosmetics to the mass market in 2004, which has since become a $25 million business and helped to make her the ideal candidate to receive the BRAG Legacy Award.

Continue reading “‘BRAG’ Gala Honors Iman, Raises $1M to Help Increase Diversity in Fashion”