Scion, LLC Announces Acquisition of Artful Dodger Brand
November 08 2007 - 7:30AM
PR Newswire (US)
NEW YORK, Nov. 8 /PRNewswire-FirstCall/ -- Scion, LLC, a joint
venture between Iconix Brand Group, Inc. (NASDAQ:ICON) and Shawn
'Jay-Z' Carter, today announced that it has acquired the brand
Artful Dodger(R) from Sovereign State, LLC. The purchase price for
the brand was approximately $15 million, paid in cash by Scion.
Artful Dodger is an exclusive, high-end apparel brand sold in
boutiques and specialty stores such as Harvey Nichols in the UK and
at specialty stores and boutiques in the United States. In
connection with this acquisition, Scion has entered into a
multi-year exclusive license with Signature Apparel Group for
Artful Dodger men's and women's sportswear. Scott Langton, Artful
Dodger's founder, creative director and head designer will join
Signature Apparel Group in this capacity. In addition, Scion is
currently evaluating a number of licensees beyond the core
sportswear license including footwear and outerwear to transition
Artful Dodger into a lifestyle brand. Shawn 'Jay-Z' Carter stated,
"Artful Dodger is an incredible brand with a lot of room for growth
and Scott Langton is a visionary designer. They represent what's
next and new in fashion and we are glad to have both the brand and
Scott as a part of our family. Artful Dodger represents the first
of many acquisitions that will begin to shape our joint venture
with Iconix." Scott Langton stated, "I consider myself very
fortunate to have found a partner in Scion and am really excited
about the future of Artful Dodger. I am looking forward to working
with Signature Apparel, who as a company, has both the production
infrastructure and financial capacity to make Artful Dodger the
brand I always envisioned it to be. This union allows me and my
team to focus purely on the designing of the collection and
building on the success that we have already achieved in such a
small period of time." Neil Cole, Chairman and CEO, Iconix, stated,
"Artful Dodger is the perfect deal to launch Scion as we look for
brands that have the potential to become lifestyle brands. The
combination of Scott's design talent and the marketing strengths of
Jay Z and Iconix will create exciting growth opportunities for the
brand including distribution at high-end department stores and
expansion into new product categories. " Artful Dodger is named for
the 19th Century Artful Dodger who led a group of cunning young men
in mischief throughout the UK. About Scion Scion, LLC, a brand
management and licensing company is a joint venture between Iconix
Brand Group, Inc. (NASDAQ:ICON) and Shawn 'Jay Z' Carter, to buy,
create and develop brands across a broad spectrum of industries and
consumer product categories. Tara Levy Public Relations Manager,
Scion 212-730-0030 DATASOURCE: Scion, LLC CONTACT: Tara Levy,
Public Relations Manager, Scion, +1-212-730-0030 Web site:
http://iconixbrand.com/
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