Jay-Z buys Artful Dodger brand for $15m

Hip-hop mogul Shawn 'Jay-Z' Carter has signed a deal to buy British designer Scott Langton's luxury clothing brand Artful Dodger - for $15m (€10.24m) cash.

The rap star completed the purchase together with his business partners Iconix Brand Group Inc. last week under the company name Scion - a joint venture between the two parties.

In a statement, Carter says: "Artful Dodger is an incredible brand with a lot of room for growth and Scott Langton is a visionary designer.

"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."

Iconix bought Jay-Z's 'Roc-A-Wear' Clothing label earlier this year for $204m (€139m) in cash.