Jay-Z's Rocawear clothing label has inked a licensing deal with cosmetics giant Elizabeth Arden. In March 2007, Jay-Z sold the urban clothing label, which he created with former business partners Damon Dash and Kareem 'Biggs' Burke in 1999, to Iconix Brand Group for a reported $204 million, however the mogul continues to oversee development of the brand and has retained his share in the company.

"One reason we were motivated to be with Rocawear was because we liked the concept of the fashion brand," said Ron Rolleston, executive vice president of Arden. "Also, people love Jay-Z. He has a clear vision of who he is, and we believe that will resonate with a young male consumer, then with women."

Jay-Z also expressed excitement about collaborating with the beauty empire. "We are excited to partner with an industry giant such as Elizabeth Arden," Jay-Z said. "The combination of their expertise in fragrance and our ability to affect popular culture will produce some incredible products and breathe excitement into the category."

The partnership will produce men's and women's fragrances, which could be available next fall, along with skin care products and cosmetics.