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Posted by Robert
Rap News Network
8/25/2003 3:10:34 AM
Tags and topics realted to this article include Russell Simmons.
Business mogul Russell Simmons is looking to sell his Phat Fashions empire, which includes jackets, shoes, sodas and cell phones.
Simmons recently held talks with Tommy Hilfiger and Kellwood, two large clothing companies and is looking to cash out for $150-200 million dollars.
Simmons 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 said that he needed the resources of a larger company to push his brand to the next level and is seeking to get his clothing lines into more department stores.
The company, which launched 11 years ago, saw profits of almost $29 million dollars last year.
Simmons recently signed a deal to sell his Def Con 3 energy drink to 5,200 7-Eleven convenience stores.
"It's the fastest selling energy drink in their chain, it's doing great," Simmons told AllHipHop.com.
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