For a $16 million in cash deal Iconix Brand Group, Inc. has sold the rights to the Badgley Mischka IP to Titan Industries, Inc. in partnership with the brand’s founders, Mark Badgley and James Mischka, and the apparel licensee MJCLK LLC. 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.
Luxury Brand Badgley Mischka Spring 2016
Iconix Brand Group, Inc. owns, licenses and markets a growing portfolio of consumer brands including: CANDIE’S (R), BONGO (R), JOE BOXER (R), RAMPAGE (R), MUDD (R), MOSSIMO (R), LONDON FOG (R), OCEAN PACIFIC (R), DANSKIN (R), ROCAWEAR (R), CANNON (R), ROYAL VELVET (R), FIELDCREST (R), CHARISMA (R), STARTER (R),WAVERLY (R), ZOO YORK (R), SHARPER IMAGE (R), UMBRO (R), LEE COOPER (R), ECKO UNLTD. (R), MARC ECKO(R), ARTFUL DODGER and STRAWBERRY SHORTCAKE (R). In addition, Iconix owns interests in the MATERIAL GIRL (R), PEANUTS (R), ED HARDY (R), TRUTH OR DARE (R), MODERN AMUSEMENT (R), BUFFALO (R), NICK GRAHAM(R) and PONY (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.
While Iconix expects to record a gain related to this sale in the first quarter of 2016, this transaction is not reflected in the Company’s current guidance. The Company will provide updated guidance for 2016, when it reports its fourth quarter and full year 2015 financial results.
Titan, founded in 1998 by Joe Ouaknine, has become a powerhouse in women’s fashion footwear. Presently with an emphasis on high fashion footwear made from an array of fun yet sophisticated materials, Titan has created “artistic” and unique footwear branding their licensors with quality and style. Titan currently holds the footwear licensing for Badgley Mischka, Charles Jourdan, LAMB by Gwen Stefani, Joe’s Jeans and Daya by Zendaya.
MJCLK was founded in 2008 by Mark Badgley, James Mischka, Christine Currence, Lara Piropato, and Kimberly Lee-Siu to be the apparel licensee for the Badgley Mischka brand. The company is responsible for the design, manufacturing, and distribution of Badgley Mischka Couture, Badgley Mischka Collection, and Belle Badgley Mischka worldwide.