The party's over -- literally -- for Jay Z and Barneys.

The rapper's holiday fashion line for the high-end department store is a go, but a swanky soiree celebrating the partnership has been axed following the store's recent racial profiling controversy, according to Women's Wear Daily. The event was slated to take place tomorrow night.

On Friday, Jay Z announced that he would continue as planned with his holiday collection, which benefits his Shawn Carter Foundation, "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," he said in a statement. "The easy position would have been to walk away and leave policy making to others."

Barneys did not respond to a request for comment yesterday.

Last month, two African-American shoppers filed discrimination lawsuits against Barneys.