According to GQ.com, Hov’s Rocawear shingle owns the licensing to manufacture and distribute BBC. Now that the companies are under the same roof, Jay and Pharrell will supposedly work “as a tandem - using Jay-Z’s business prowess and Pharrell’s creativity.”
Under the terms of the deal, BBC will not be distributed in department stores simply because it’s owned by Rocawear. The exact terms, though, are yet to be disclosed.
UPDATE: Jay-Z has clarified earlier reports that he purchased BBC, instead explaining that it's a partnership between Rocawear and Billionaire Boys Club.