Jay-Z is letting everyone know once again that he's a businessman, according to the Inquisitr.

Rapper Jay-Z has been criticized for continuing his business partnership with Barneys after several African Americans accused employees of racial profiling. Four black shoppers have claimed that they were arrested and detained by police after trying to purchase expensive designer items.

In a new single with fellow rapper Rick Ross called "The Devil is a Lie," Jay-Z gives his side of the story. The rapper explained that his decision to continue with a holiday-themed display at the chain "was a strategic choice."

"See what I did to the stop and frisk?/Brooklyn on the Barneys like we own the b**ch/Give the money to the hood, now we all win/Got that Barneys floor looking like a VIM," Jay-Z raps in the song.

The rapper targets VIM, which is a Brooklyn-based jeans and sneakers clothing chain. Inquisitr reported that the rapper became defensive about his decision to continue his business arrangement with Barneys, after the news broke.

"Why am I being demonised, denounced and thrown on the cover of a newspaper for not speaking immediately?" Jay-Z said. "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."

In an open letter published on his own website Life + Times, Jay-Z his arrangement was an opportunity 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," Jay-Z wrote in the letter. "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."

The rapper has decided to give 100 percent of the proceeds to his scholarship foundation, Shawn Carter Foundation, which provides scholarships and funds to "individuals facing socio-economic hardships."

Before the controversy surrounding Barney, Jay-Z has originally pledged 25 percent of the profits to his scholarship foundation.