US: Iconix takes control of Buffalo David Bitton label
Iconix Brand Group, which licenses fashion and footwear labels including Candie's, Bongo, London Fog and Joe Boxer, has acquired a 51% interest in the Buffalo David Bitton brand for US$76.5m.
Iconix has formed a joint venture with the brand's parent company, Buffalo International ULC, to acquire the trademark. Iconix will control the joint venture, while Buffalo will be the core licensee.
Buffalo products, which include denim, sportswear, activewear, and accessories are sold in Macy's, Dillard's and Lord & Taylor department stores. It has 30 standalone retail stores, mainly in Canada, operated by the core licensee.
Iconix CEO Neil Cole said: "The Bitton brothers have built a powerful lifestyle brand. We look forward to leveraging our licensing and brand management expertise to further grow the business and expand its retail footprint in the US and Canada, as well as internationally."
As a result of the acquisition, Iconix has raised its 2013 revenue guidance to a range of $415-$425m from $395-$405m. It also expects full-year diluted EPS to a range of $1.90-$2.00 from $1.75-$1.85.
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