Tag: Iconix Brand Group
Candie’s unveiled today its spring ’17 marketing campaign and the latest collection inspired by Candie’s Creative Director, Modern Family actress Sarah Hyland, who worked in collaboration with the brand’s product development team on the line and campaign. (more…)
Over the weekend, the first portion of the primetime Emmy’s were awarded, and we’re pleased to announce that the Peanuts special, “It’s Your 50th Christmas, Charlie Brown” won for Outstanding Children’s Program. (more…)
Q4 2015 Iconix Brand Group Earnings Conference Call
Date and Time: Monday, March 28th, 2016 5:00 p.m. ET (more…)
Iconix Brand Group Sells Luxury Brand Badgley Mischka
NEW YORK, March 2, 2016 /PRNewswire/ — Iconix Brand Group, Inc. (Nasdaq: ICON) (“Iconix” or the “Company”) today announced that it has sold the rights to the Badgley Mischka IP to Titan Industries, Inc. (“Titan”) in partnership with the brand’s founders, Mark Badgley and James Mischka, and the apparel licensee MJCLK LLC for $16 million in cash.
Iconix acquired the Badgley Mischka IP in 2004, and the Company has decided to sell the brand since the time and resources required to properly support it are not in line with the rest of the Iconix portfolio. Today, Iconix has a portfolio of over 30 brands, and the Company is focused on those brands that generate significant volume through both direct-to-retail relationships and global networks.
Peter Cuneo, Chairman and Interim CEO of Iconix, commented, “As part of the comprehensive review that we have been conducting over the past several months, we have been evaluating each brand in the portfolio and have been identifying where our time and resources are best spent. Badgley Mischka is a strong brand, and we believe it is in good hands with Mark, James, and Titan. However, we felt that it was in the best interest of our Company to divest this non-core asset and allocate our resources to our larger volume, higher margin brands. We expect to continue to evaluate opportunities to further rationalize the portfolio and maximize shareholder value.” Read more here.
Iconix Brand Group Announces $300 Million Term Loan
NEW YORK, March 7, 2016 /PRNewswire/ — Iconix Brand Group, Inc. (NASDAQ: ICON) (“Iconix” or the “Company”) today announced that it has entered into a new five-year $300 million senior secured term loan credit facility provided by credit funds managed by affiliates of Fortress Investment Group LLC (NYSE: FIG, “Fortress”).
Under the terms of the credit agreement through which the new term loan is provided, the proceeds of the loan must be used to finance the Company’s repayment of its 2.50% convertible senior subordinated notes due June 2016 (the “2016 Notes”). The new term loan will bear interest at LIBOR+10% per annum, payable quarterly with a 1.50% floor on LIBOR.
“We are pleased to have successfully secured this new capital, which shows the confidence that Fortress has in our underlying business,” said Dave Jones, Chief Financial Officer of Iconix, “With the refinancing path for the 2016 converts now in place, we look forward to a continued focus on our core business; including the growth of our worldwide brand management platform.”
For more information, click here.
Iconix Brand Group Announces Hiring of John Haugh as CEO
NEW YORK, Feb. 23, 2016 /PRNewswire/ —
- Mr. Haugh will become CEO on April 1, 2016
- Peter Cuneo transitioning to Executive Chairman on April 1, 2016
The Board of Directors of Iconix Brand Group, Inc. (Nasdaq: ICON) (“Iconix” or the “Company”) today announced that John N. Haugh has been appointed President and a member of the Board of Directors effective February 23, 2016. Mr. Haugh will become Chief Executive Officer of Iconix on April 1, 2016. At that time, Interim CEO Peter Cuneo will transition to Executive Chairman of the Iconix Board.
Mr. Haugh is a proven executive with more than 30 years of experience leading premier global brands and retail businesses at highly respected companies, including Luxottica S.p.A., Build-A-Bear Workshop, Inc. and Mars, Inc. In his role as President of Sun, Luxury and Retail Services for Luxottica Retail, N.A., he led more than 14,000 Sunglass Hut associates; managed the Luxottica and Macy’s, Inc. license operations business; directed the luxury optical business; and managed real estate, design and construction for Luxottica Retail, N.A.
For more information, click here.