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UPDATE – Tuesday, November 19, 2013: Today the “New York Daily News” reported that Barneys New York has canceled a fundraiser intended to raise $1 million for Jay-Z‘s Shawn Carter Foundation.

As reported below, profits from Jay-Z’s apparel collection with Barneys are also supposed to go to the foundation.

Earlier:

Shawn ‘Jay Z’ Carter has issued a new statement on the Barneys New York controversy, pledging to not only meet allegations of racial profiling “head on,” but to donate 100 percent of the profits from his upcoming BNY SCC Collection (Barney New York Shawn Corey Carter) to The Shawn Carter Foundation.

RELATED: Should Jay Z End His Holiday Collection Deal With Barneys NY?

As previously reported by NewsOne,  Trayon Christian, 19,and Kayla Phillips, 21, both have lawsuits pending against the high-end retailer after being accosted by police who accused them of stealing items from the store after making expensive purchases.

Jay Z faced snowballing social media pressure to end the Barneys deal, including a Change.org petition started by Derik Bowers, owner of Adversitees. In response, the Hip-Hop mogul lashed out at the unexpected criticism, asking:

Why am I being demonized, denounced and thrown on the cover of a newspaper for not speaking immediately? The negligent, erroneous reports and attacks on my character, intentions, and the spirit of this collaboration have forced me into a statement I didn’t want to make without the full facts.

RELATED: Jay Z Issues Statement On Barneys NY Racial Profiling Allegations

Now, armed with the full facts, Jay Z has issued the following statement via Life + Times:

In the past several weeks two separate investigations were launched as a result of the wrongful detention of Trayon Christian and Kayla Phillips. My team has been privy to the status of the Barneys third party consultant investigation. In continuing our research, we also contacted the New York State Attorney General’s office for the status of their investigation into both Barneys and Macy’s. Those findings are not yet available.

While I await the findings of the Attorney General’s Office, I have agreed to move forward with the launch of BNY SCC collection under the condition that I have a leadership role and seat on a council specifically convened to deal with the issue of racial profiling. I am in a unique position to use my voice to affect change to this disturbing issue. The easy position would have been to walk away and leave policy making to others hoping that someone addresses the problem. I will not leave the outcome to others. I will take this into my own hands with full power to recommend, review and revise policies and guidelines moving forward. I am choosing to take this head on.

As I previously stated, the collaboration with Barneys has always been about giving and The Shawn Carter Foundation. From this collection, the Foundation will receive not only 25% of sales, it will now receive the additional 75% of Barneys’ sales, totaling 100% of all sales from BNY SCC. Along with 100% of sales from the collaboration, the Foundation will receive an additional 10% of all retail sales from Barneys New York stores nationwide and Barneys.com on November 20th.  – Shawn “JAY Z” Carter

Will this latest statement be enough to silence the critics?

Weigh in!

SEE ALSO:

Kendrick Lamar’s Label Criticizes GQ’s ‘Offensive’ Cover Story

Jay-Z, Beyonce Not Given Enough Credit For ‘Social Responsibility’? [VIDEO]

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