Jay Z's Barneys Collection Earns $1 Million Profit (Report)
The earnings will benefit the rap mogul's charity organization, the Shawn Carter Foundation.
Despite the criticism surrounding Jay Z's decision to launch a holiday collection with Barneys New York, the luxury retailer recently accused of racial discrimination, the rap mogul's product offering was reportedly a success.
A source close to Barneys told New York Daily News that "figures were being tallied on Friday, the last day of sales, but profits had exceeded the million-dollar mark." Retail prices for items from the line -- which featured designs by Moncler, Balenciaga, Balmain, The Elder Statesman and Rick Owens -- ranged from $70 to a whopping $58,000.
Jay Z's collection was revealed just before Barneys' alleged racial profiling scandal centering around two black customers, after which the musician took to his blog to defend his partnership.
"I will not leave the outcome to others. I will take this into my own hands with full power to recommend, review and revise policies and guidelines moving forward," he wrote on Life +Times. "I am choosing to take this head on."
While it was previously reported that 25 percent of sales would be given to Jay Z's charity, the Shawn Carter Foundation, both the rapper and the retailer ultimately decided to pledge 100 percent of the collection's profits and 10 percent of all of Barneys' sales on the day the line debuted to support the organization's mission to help low-income students pay for college.