ICON Iconix Brand Group Inc

NEW YORK, Nov. 15 /PRNewswire-FirstCall/ -- Iconix Brand Group, Inc. (NASDAQ:ICON) ("Iconix" or the "Company"), today announced that it has entered into a definitive agreement to purchase the Starter(R) brand from NIKE, Inc., (NYSE:NKE). The purchase price will be $60 million to be paid in cash and the acquisition is anticipated to close in December. Founded in 1971, Starter pioneered the league licensed apparel business and is currently licensed to several manufacturer/wholesalers selling primarily to Wal-Mart in the United States, Canada and Mexico. Iconix is forecasting 2008 royalty revenue from Starter of approximately $18 million worldwide. Neil Cole, Chairman and CEO, Iconix, stated, "Starter is an iconic brand that diversifies our portfolio of holdings by moving us into the athletic apparel, team sports and athletic footwear categories. It is a brand with a great deal of growth potential, both in the United States and around the world, and one to which I am confident that Iconix can quickly add a lot of value. We are very excited by this brand's potential, especially given Wal- Mart's unmatched reach as a retailer and our marketing expertise. We believe Starter has the potential to become one of the largest athletic apparel and footwear brands in the world. To help reach that potential, we are working on a multi-faceted strategy, including signing some major professional sports figures and growing our team sports business which is Starter's heritage." Dottie Mattison, SVP and GMM of apparel for Wal-Mart commented, "Our customers have responded very positively to our athletic apparel and footwear brands at value price points. Starter is one of our most powerful brands, both in terms of its heritage and the range of different categories it covers. Iconix is an innovator in marketing and building brands and we are enthusiastic about their plans for Starter." Iconix also owns the brands Danskin Now and OP which are both licensed to Wal-Mart. The acquisition is subject to customary closing conditions including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. About Iconix Brand Group, Inc.: Iconix Brand Group, Inc. (NASDAQ:ICON) 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), LONDON FOG (R), MOSSIMO (R), OCEAN PACIFIC (R), OP (R), DANSKIN (R), ROCA WEAR(R), CANNON (R), ROYAL VELVET (R), FIELDCREST (R) and CHARISMA (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 in both the U.S. and around the world. Iconix, through its in-house advertising, promotion and public relations agency, markets its brands to continually drive greater consumer awareness and equity. 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, +1-212-730-0030; or Joseph Teklits of Integrated Corporate Relations, +1-203-682-8200, for Iconix Brand Group, Inc. Web site: http://iconixbrand.com/

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