Iconix Brand Group Announces Renewal and Expansion of Joe Boxer(R) License with Sears Holdings
September 28 2006 - 8:30AM
PR Newswire (US)
- Renewal Extends License Agreement through the End of 2010 NEW
YORK, Sept. 28 /PRNewswire-FirstCall/ -- Iconix Brand Group Inc.,
(NASDAQ:ICON) ("Iconix" or "the Company") today announced the
renewal and expansion of its Joe Boxer license agreement with Sears
Holdings. The new agreement will expand the term of the license for
three additional years through the end of 2010, restructure the
financial guarantee from Sears Holdings for the year 2007, and
allow Sears Holdings to sell Joe Boxer products in both its Kmart
and Sears stores. According to Neil Cole, Chairman and CEO of
Iconix Brand Group, "We are excited to expand our relationship with
Sears Holdings. Their merchants have a compelling vision to grow
Joe Boxer going forward in both Sears and Kmart, and I am confident
that Iconix will be a powerful marketing partner for Sears Holdings
helping to drive young customers through their doors and expanding
Joe Boxer into an even more powerful lifestyle brand." According to
Peter Whitsett, Senior Vice President Merchandising for Sears
Holdings, "We are thrilled to be able to continue our relationship
with Iconix and Joe Boxer through 2010. This solidifies Joe Boxer
as an important brand in our Kmart stores and gives us the
opportunity to launch Joe Boxer within Sears. This is another step
toward our mission of building lifetime relationships with our
customers." About Iconix Brand Group: Iconix Brand Group Inc.
(NASDAQ:ICONNASDAQ:-NASDAQ:News) 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) and
LONDON FOG (R). The Company has also entered into a definitive
agreement to purchase the brand MOSSIMO (R). The Company licenses
it brands to a network of leading retailers and manufacturers that
touch every major segment of retail distribution from the luxury
market to the mass market. Iconix, through its in-house advertising
agency, advertises and markets its brands to continually increase
consumer awareness and loyalty. Safe Harbor Statement under the
Private Securities Litigation Reform Act of 1995. The statements
that are not historical facts contained in this press release are
forward looking statements that involve a number of known and
unknown risks, uncertainties and other factors, all of which are
difficult or impossible to predict and many of which are beyond the
control of the Company, which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward looking statements. Such
factors include, but are not limited to, uncertainty regarding the
results of the Company's acquisition of additional licenses,
continued market acceptance of current products and the ability to
successfully develop and market new products particularly in light
of rapidly changing fashion trends, the impact of supply and
manufacturing constraints or difficulties relating to the Company's
licensees' dependence on foreign manufacturers and suppliers,
uncertainties relating to customer plans and commitments, the
ability of licensees to successfully market and sell branded
products, competition, uncertainties relating to economic
conditions in the markets in which the Company operates, the
ability to hire and retain key personnel, the ability to obtain
capital if required, the risks of litigation and regulatory
proceedings, the risks of uncertainty of trademark protection, the
uncertainty of marketing and licensing acquired trademarks and
other risks detailed in the Company's SEC filings. The words
"believe," "anticipate," "expect," "confident," "project," provide
"guidance" and similar expressions identify forward-looking
statements. Readers are cautioned not to place undue reliance on
these forward looking statements, which speak only as of the date
the statement was made. Contact: David Conn Executive Vice
President Iconix Brand Group 212.730.0030 Joseph Teklits Integrated
Corporate Relations 203.682.8200 DATASOURCE: Iconix Brand Group
Inc. CONTACT: David Conn, Executive Vice President of Iconix Brand
Group Inc., +1-212-730-0030; or Joseph Teklits of Integrated
Corporate Relations, +1-203-682-8200 Web site:
http://iconixbrand.com/
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