Iconix Brand Group, Inc. has purchased the 49 percent minority interest in IP Holdings Unltd LLC, owner of the Ecko Unltd., Marc Ecko Cut & Sew and related trademarks. Previously, the company held a 51 percent controlling interest in IPHU. Marc Ecko Enterprises will continue in its role as the core apparel licensee for the brands.
"We believe there is a strong growth opportunity in the youth culture
market around the world and are thrilled to increase our equity in the
Ecko Unltd. and Cut & Sew brands. We look forward to continuing to
work with our licensees as well as the MEE team to further expand the
businesses," commented, Neil Cole, CEO, Iconix Brand Group.
Company paid $45 million in cash for the remaining equity in IPHU. In
addition, as part of the transaction, the sellers will no longer have
any obligations under a note payable by IPHU in the approximate amount
of $52 million.
"We look forward to continuing our strong
relationship with Iconix and being the leader in youth culture branding,
merchandising and design," said Seth Gerzsberg, CEO, MEE.
in 1993, Ecko Unltd. is a lifestyle brand that quickly became the
leading face of global youth culture. Marc Ecko organically built a
loyal following among the new generation's cultural icons like the
Beastie Boys, Spike Lee and Chuck D and cemented a strong consumer
base. Ecko Ultd is currently sold in over 5,000 stores in 60 countries
and has approximately 100 stand-alone retail stores.
In 2004, the
Marc Ecko Cut & Sew collection was launched blending classic
tailoring with bold graphics and tasteful embellishments. It was
designed for men to start dressing a little more seriously while
maintaining their youthful edge. Cut & Sew is available at better
department stores including Dillard's, Macy's and key specialty stores
and its product assortment includes apparel, eyewear and footwear.
CoMetrics Partners LLC acted as the financial advisor to MEE in the transaction.
Brand Group, Inc. owns, licenses and markets a growing portfolio of
consumer brands including: CANDIE'S (R), BONGO (R), BADGLEY MISCHKA (R),
JOE BOXER (R), RAMPAGE (R), MUDD (R), MOSSIMO (R), LONDON FOG (R),
OCEAN PACIFIC (R), DANSKIN (R), ROCAWEAR (R), CANNON (R), ROYAL VELVET
(R), FIELDCREST (R), CHARISMA (R), STARTER (R), WAVERLY (R), ZOO YORK
(R), ED HARDY (R), SHARPER IMAGE (R), UMBRO (R), LEE COOPER (R), ECKO
(R), and MARC ECKO (R). In addition, Iconix owns interests in the ARTFUL
DODGER (R), MATERIAL GIRL (R), PEANUTS (R), TRUTH OR DARE (R),
BILLIONAIRE BOYS CLUB (R), ICE CREAM (R), MODERN AMUSEMENT (R), and
BUFFALO (R) brands
Source Iconix through SportsOneSource
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