Jay-Z acquired the Art Dodger clothing brand for $15 million dollars in cash.
The clothing brand is named for the 19th Century Artful Dodger , who led a group of young men in mischief throughout the UK.
Scion LLC has licensed the Artful Dodger brand to Signature Apparel Group to create Artful Dodger men’s and women’s sportswear.
Artful Dodger founder Scott Langton will stay on as creative director for the brand.
"Artful Dodger is an incredible brand with a lot of room for growth and Scott Langton is a visionary designer," Jay-Z said. "They represent what's next and new in fashion and we are glad to have both the brand and Scott as a part of our family. Artful Dodger represents the first of many acquisitions that will begin to shape our joint venture with Iconix."
The mogul continues to expand his 40/40 franchise as well.
It was also announced today that a new 40/40 Club will open in Spring of 2008, inside of the newest hotel on the Las Vegas Strip, The Palazzo Las Vegas.
The Palazzo Las Vegas will soft-open on December 20, followed by a series of grand celebratory events from January 17-19.
Jay-Z’s 40/40 Club is one of the dozens of restaurants and shops that include Barneys New York, Ralph Lauren, Jimmy Choo, Fendi and a new state-of-the-art theater, which will house the Broadway hit, Jersey Boys.