Last November, the American singer Ray J closed a $31 million deal with Cowboy Wholesale, a leading distributor of consumer electronics, to form Raycon, which “creates high demand, high-quality electronics, designed and backed by innovative celebrities,” according to its website. Ray J oversees marketing and global branding strategy.
“What we did with Raycon is, not only do we have electric transportation, we have headphones speakers, smart watches. High demand, high quality, but affordable,” he told FOX Business’ Liz Claman at the 2018 Consumer Electronics Show in Las Vegas.
The American singer, who’s been infamously linked to Kim Kardashian, reflected on how he started the electronics company and praised Cowboy Wholesale, saying they “saved the day.”
“I put all my money up. I had a small team of people running the company with me, but when we got to higher heights, it got a little tough and so we needed more investors. We needed a company to come in and help us with the financing, not just financing but fulfillment as well,” he said.
One of the company’s hot ticket items is an electronic bike, called the “Scoot-E Electric Bike.” The bike is 100% electric powered and according to the R&B singer can reach a top speed of 30 miles-per-hour.
Many high-profile celebrities, Sean “Diddy” Combs, Chris Brown, Justin Bieber and Ray J’s cousin Snoop Dogg, have been seen riding the two-wheeled bike.
“I’m 1000% hands on, when I found the “Scoot-E-Bike,” it was a lot of different bikes kind of like this one, but I make sure that I tested each one, until I got the perfect one. Then I customized them to make it to our likening,” he said.
Ray J said one of the hardest lessons he learned from starting a business was to never give up.
“Be patient and stay with it, because right when you feel like it’s over, somebody is going to come and help you take it back to the top. So it’s going to get rough, it’s going to feel like you’re running out of money and it’s time to move on, but if you really believe in something, keep going, keep going.”