Ray J Makes Money Moves With $31 Million Deal For Electronics Company
Ray J has come a long way from just being known as Brandy’s little brother. Admittedly, the sole reason I tuned in for Love and Hip Hop: Hollywood was for Ray J’s laughable lack of self-awareness and Safaree’s reaction faces that inevitably would become future GIFs. However, it appears Ray J has been handling business in between sperm count competitions and timing video shoots around wife Princess Love’s ovulation. Black Enterprise reports the “Sexy Can I” singer just closed a $31 million deal securing the launch of his electronics transportation company, now branded Raycon.
The deal was paid in equity and cash and made between the singer/TV personality and Cowboy Wholesale, a leading distributor of consumer electronics based in New York City.
You may have caught one of Raycon’s most popular products, Scoot-E-Bike on an episode of Love and Hip-Hop last season. Scoot-E-Bike is a foldable, two-wheeled electric vehicle and was presented to a mass network of influencers, which allowed it to gain a good amount of traction in the market. Raycon is an extension of what the “Driven To Love” host started with his company Raytroniks. The re-branded company will focus on “more innovative, high-demand electronics designed and backed by celebrities and plans to address the everyday needs of the urban technophile, focusing on impactful electric transportation.” Ray J shares he’s committed to developing products that take advantage of green energy:
“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 there.”
BusinessWire reports Ray J will take an active full-time role in the newly formed partnership, overseeing marketing and global branding strategy. Apparently Ray J’s superpower is getting celebs on board to market products and the site reports he achieved rapid corporate growth by implementing a viral organic marketing strategy by securing product placement through celebrities such as Sean Combs, Brandy, Snoop Dogg, Chris Brown, Justin Bieber, Stephen Curry, Carl Delevingne, and professional athletic teams, including the L.A. Clippers and Los Angeles Rams.
The Raycon official product launch is set to release mid-November 2017 and products will be available for purchase at RayconGlobal.com.