NEW YORK, Oct. 27, 2011 /PRNewswire/ -- Iconix Brand Group,
Inc. (NASDAQ: ICON) ("Iconix" the "Company") announced today that
it has signed a definitive agreement to acquire The Sharper Image®
brand and intellectual property assets from Sharper Image
Acquisition, LLC for approximately $65.6
million in cash. This acquisition will mark the Company's
first entry into the rising consumer electronics sector.
Sharper Image is a respected brand in the consumer electronics
industry with over 85% brand recognition, and is best known for its
innovative products. This will be a seamless transition for the
Company, as Sharper Image operates under a licensing business
model. The Company estimates that the Sharper Image brand will
generate approximately $12-13 million
in annual royalty revenue through a variety of categories including
audio and video electronics, travel gear, personal home products,
kitchen and bath accessories, massage products, air purification
products and giftables. Sharper Image products are sold
nationwide at better department and specialty stores and direct to
consumer through the Sharper Image catalog and e-commerce website,
www.sharperimage.com.
"This is an exciting acquisition for Iconix," commented,
Neil Cole, Chairman and CEO, Iconix
Brand Group. "With the addition of the Sharper Image brand, we
continue to demonstrate the diversification of our business model
and strength of our Company. We always believed that the Iconix
platform could be leveraged across numerous industries and this
acquisition reinforces that message."
About Iconix Brand Group, Inc.
Iconix 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), LONDON FOG (R), MOSSIMO (R) OCEAN PACIFIC (R),
DANSKIN (R) ROCA WEAR (R), CANNON
(R), ROYAL VELVET (R), FIELDCREST (R), CHARISMA (R), STARTER (R),
ZOO YORK (R) and WAVERLY (R). In addition, Iconix owns an
interest in the ARTFUL DODGER (R), ED
HARDY (R), ECKO (R), MARC
ECKO (R), MATERIAL GIRL(TM) and PEANUTS (R) brands. The
Company licenses its 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
worldwide. Through its in-house business development,
merchandising, advertising and public relations departments Iconix
manages its brands to 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", "will",
"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 Information:
Maria Dolgetta
Iconix Brand Group, Inc.
VP, Public Relations
212.819.2084
Jaime Sheinheit
Iconix Brand Group, Inc.
Investor Relations
212.730.0030
SOURCE Iconix Brand Group, Inc.