Jay-Z has reached an agreement to sell his Roc-A-Wear clothing line to the Iconix Brand Group for a reported $204 million in cash, the companies announced Tuesday.

 As a part of the deal — which could be worth up to $400 million through sales incentives — the Def Jam president and rapper will retain his role in product development and also enter into a new deal to launch the Shawn Carter Collection, an upscale luxury brand set to debut in 2008.