Jay Z has always been known for his smart business decisions, but one venture he decided to do could cost him millions of dollars. According to TMZ, Parlux Fragrances is going after Jay for not following through with the deal he signed for his “Gold Jay Z,” which launched back in 2013. In the lawsuit, Parlux claims they signed a licensing deal, where they used Jay’s name and image to launch the fragrance, but he refused to do any promotions for fragrance.
“Further, there was supposed to be a line of follow-up fragrances that Jay helped develop, but according to the suit … he dodged meetings and the new colognes never got off the ground. Parlux says it expected to haul in about $50 million over 2 years, but instead the whole deal is pepe le pew — it’s losing money, and stores are returning unsold inventory.”
The company is going after $18 million for damages.