US: Iconix closes Danskin acquisition
The sale of the intellectual property of Danskin to Iconix Brand Group has been finalised.
As outlined from the original agreement in principle, Iconix paid US$70m for the brand. The sellers can receive another $15m in performance earnouts, with an additional $7.5m available if payment is made in Iconix stock and the stock appreciates during the earnout period.
Danskin has entered into a licensing agreement with Iconix under which the sellers will continue to operate the Danskin wholesale business, retail stores and e-commerce site, Danskin.com.
Iconix and Danskin agreed to the deal, which was subject to approval by Danskin's shareholders, on 22 February.
Iconix also reached an agreement to acquire the Rocawear brand for $204m in cash just last week. Like the Danskin transaction, the Rocawear acquisition provides for the principals of the selling company - in Rocawear's case, rapper Shawn "Jay-Z" Carter among them - to continue part of the wholesale business as licensees.
Iconix acquired the Ocean Pacific brand from Warnaco last November and the London Fog label seven months ago. It also owns the Mossimo and Joe Boxer brand, among others.
By Arnold J Karr.
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