Ray J Signs the Dotted Line on a $31 Million Deal for His Electric Transportation Brand Raycon
Looks like singer/actor/reality TV star Ray J can add another title to his longstanding resume in the game. The “One Wish” crooner is now the owner of a very lucrative electric transportation brand. How lucrative? Well, the deal the entertainer signed on the dotted line for is worth a whopping $31 million. The transportation brand in question is aptly titled Raycon.
The multi-million dollar business deal was confirmed yesterday (Nov. 9) between Cowboy Wholesale and Ray J – with the former being one of the leading consumer electronic distributors on the market. The New York City-based business will have Ray J in the forefront and holding the reigns in responsibility for the Raycon brand. Ray J will be in charge of overseeing global branding strategy as well as overall marketing for Raycon, which means a full-time supervisory role in the company – per BusinessWire.
The Love & Hip Hop Hollywood star has had his hands in entrepreneurial endeavors dealing with transportation since 2015, when he popularized the Scoot-E-Bike, a two-wheeled foldable electric scooter. That was about two years ago, and the brand has more than exceeded expectations with the help of the newly minted business mogul. Now, Ray J is bringing his skillset and his insight to his brand Raycon, which will help him level up in his business ventures.
Raycon will include a wide range of innovative, in-demand electronic products – all backed and designed by celebrities. Raycon will fill the need for the modern everyday millennial urban techie. “The world is moving towards renewable green energy, and electric transportation is a big part of that. With the Raycon movement, we are going to make sure we are one of the first ones here,” he said.
The product launch is scheduled to drop mid-November with all of the rolled-out products available for purchase at rayconglobal.com.
Photo Credit: BusinessWire
