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
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
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.