Scion LLC, a joint venture between Shawn "Jay-Z" Carter and Iconix Brand Group, has purchased Artful Dodger from Sovereign State, a high-end apparel brand sold in boutiques and specialty stores in the U.S. and U.K. The purchase price for the brand was approximately $15 million.

Scion, which entered a multi-year license deal with Signature Apparel Group for Artful Dodger's men's and women's sportswear line, plans on including a footwear and outerwear line. Scott Langton, Artful Dodger's founder, creative director and head designer, will join Signature Apparel Group in the same capacity.

"Artful Dodger is an incredible brand with a lot of room for growth and Scott Langton is a visionary designer," Jay-Z said in a statement. "They represent what's next and new in fashion and we are glad to have both the brand and Scott as apart of our family. Artful Dodger represents the first of many acquisitions that will begin to shape our joint venture with Iconix."

Scion, is a brand management and licensing company that buys, creates and develops brands across a broad spectrum of industries and consumer product categories.