US: Iconix snaps up balance of Latin America business
Iconix Brand Group has acquired the remaining 50% of its Latin America business from joint venture partner New Brands Group for US$42m.
Iconix, which owns and licenses brands including Candie's and Umbro, says royalty revenue from its portfolio of brands has more than quadrupled inthe region with strong growth in Brazil, Mexico, Chile and across Central America.
Between Iconix Latin America, its recent acquisitions of Umbro, Buffalo and Lee Cooper, and its global Peanuts platform, the company's portfolio of brands generates around $22m of royalty revenue in Latin America. The firm says it now has sufficient scale and market presence to move from the current centralized model to a "multi-market model" in order to better capitalise on opportunities in each local market.
Iconix CEO Neil Cole, said: "We are excited about our international growth and the acquisition of the remaining interest of Iconix Latin America. Through organic growth and the recent acquisition of Umbro, we believe our business has reached critical mass in the Latin American marketplace.
"Going forward we will be able to focus on the unique business environment of each country in the region as we continue to grow the local presence of our portfolio of brands. International expansion is a key part of our overall organic growth strategy and we look forward to continuing to build our global footprint."
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