Jay Z's Barneys New York Collection Yields $1 Million Profit

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Jay Z's Barneys New York Collection Yields $1 Million Profit

Jay Z's Shawn Carter Foundation is set to receive the $1 million.

Jay Z's holiday collection with Barneys New York, which launched six weeks ago, has yielded more than $1 million in profit, according to NY Daily News.

The Shawn Carter Foundation is set to receive 100 percent of the collection's profits and 10 percent of all Barneys' sales on the day of the collection's debut.  

In November, Jay Z addressed critics who said he should have backed out of his Barneys New York deal due to alleged racial profiling at a Barneys location.

"In the past several weeks two separate investigations were launched as a result of the wrongful detention of Trayon Christian and Kayla Phillips," Jay Z said in the statement posted on lifeandtimes.com. "My team has been privy to the status of the Barneys third party consultant investigation. In continuing our research, we also contacted the New York State Attorney General’s office for the status of their investigation into both Barneys and Macy’s. Those findings are not yet available." 

"While I await the findings of the Attorney General’s Office, I have agreed to move forward with the launch of BNY SCC collection under the condition that I have a leadership role and seat on a council specifically convened to deal with the issue of racial profiling," Jay continued in the statement. "I am in a unique position to use my voice to affect change to this disturbing issue. The easy position would have been to walk away and leave policy making to others hoping that someone addresses the problem. 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. I am choosing to take this head on." 

RELATED: Jay Z To Move Forward With Barneys Partnership

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