Rap mogul Russell Simmons has put half of the clothing division of his PHAT FASHIONS empire on the market for a whopping $150-200 million (GBP93.7-125 million).
The sale will include the popular PHAT FARM clothing line.
Def Jam co-founder Simmons says, "There are many great partners for Phat Farm. I want to make a billion dollar company and I need more resources. I am open to sell as much as half, depending on who the buyer is."
Simmons, who is in talks with various clothing companies, seeks a deal that would allow him to remain in charge of the companies he founded. He is also seeking a portion of future revenues.
The 45-year-old mogul says he needs the resources of a larger company to push his brand further. He is also hoping to get his clothing lines into more department stores.
The company, which launched 11 years ago, saw profits of almost $29 million (GBP18.1 million) last year (02).
But Simmons stresses that none of his other ventures are for sale, explaining, "No film, magazines, DEF JAM UNIVERSITY or RUN ATHLETICS is for sale, just Phat Farm."
He plans to retain ownership of his other businesses, which range from television, print and film to mobile phones and credit cards.27/08/2003 08:53