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Tag: Iconix Brand

  • Iconix Brand Group seeks white knight investor

    Iconix Brand Group seeks white knight investor

    Iconix Brand Group is considering selling itself or combining it with another company as the firm broadens its search for a financial lifeline.

    The brand-licensing company says its board has authorized management and its advisers to study options including a sale, merger, debt and equity financings, or other alternatives to keep the firm afloat.

    New York-based Iconix owns, licenses and markets consumer brands across fashion and sports, including Candie’s and Ed Hardy. It’s been shedding certain assets to raise cash, including Starter China, which it agreed to sell for US$16 million in June.

    The company retained Ducera Partners as a financial adviser, together with law firm Dechert, its existing legal counsel, to assist in the review efforts. The plans are in addition to the company’s previously announced agreements to sell the rights to the Umbro and Starter brands in China, it said.

    Iconix shares soared 58 percent in after-market trading. The company said the Covid-19 pandemic had a “meaningful impact” on its performance and it was cutting costs to preserve liquidity, according to its first-quarter financial report. In March, the firm said there was “substantial doubt” that it could continue to operate and it could be forced to file for bankruptcy or liquidate without a waiver from lenders.

    The retail industry has been hit hard by the coronavirus outbreak, which forced store closures nationwide and prompted sharp declines in spending on discretionary goods. J.C. Penney, Neiman Marcus Group and J Crew Group all filed for bankruptcy in May. RTW Retailwinds, the parent company of New York & Co, filed for bankruptcy Monday.

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  • Denim brand joins Global Brands portfolio

    Denim brand joins Global Brands portfolio

    Hong Kong-based Global Brands Group has signed a 10 year licensing agreement covering two North American denim brands.

    In a joint venture between Iconix Brand Group and Buffalo International Global for the Buffalo David Bitton and i Jeans by Buffalo labels.

    Under the agreement, Buffalo David Bitton and i Jeans by Buffalo will join Global Brands’ portfolio of fashion and lifestyle brands, with Global Brands to design, produce and distribute products across both brands’ core categories.

    Global Brands CEO and vice chairman Bruce Rockowitz said with the addition of the Buffalo brands, “we have taken another significant step to establish Global Brands as a leader in the denim category”.

    “We are focused on categories where we want to be a key player and achieve scale.  Denim is one such category which we are excited about and where we see excellent potential for growth. We’re seeing a revival of denim as a fashion essential and believe that it will continue to trend strongly,” he said.

    Founded in Montreal, Canada and with a 30-year heritage, the Buffalo brands are known for a long-standing tradition of trend right, quality clothing and accessories. The brands are leaders in their respective channels of distribution, offering multiple denim styles and a full fashion collection that spans a range of men’s, women’s and children’s products, including denim jeans, pants, shirts, sweaters, jackets, dresses and other apparel, as well as accessories, suits, bags, sleepwear and small leather goods. The products are distributed through multiple channels, including better department stores, as well as fine specialty stores throughout North America.

    Gaby Bitton, chairman, Buffalo International, said: “This long term strategic partnership with Global Brands will strengthen the Buffalo David Bitton and i Jeans brands around the world. The JV will continue its extensive marketing support that have helped make the brands leaders in the category.”

    This is the second long-term licensing agreement signed by Global Brands in the denim space, following a similar agreement with the Joe’s brand this month.

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