Danskin Re-Launches Lifestyle Footwear With New Licensee Fashion Footwear
Iconix Brand Group, Inc. (NASDAQ: ICON) has appointed Fashion Footwear as the new footwear licensee in the United States and Canada for Danskin, the aspirational women’s activewear brand. Under the new licensing deal, Fashion Footwear will design, manufacture and distribute Danskin’s line of lifestyle and athleisure footwear, with the first collection launching for the Fall 2019 season. Designed to support modern women as they move through their active lives, the new Danskin footwear collection is launching in August 2019 with similar retail distribution to Danskin’s activewear collection and will also be available on Danskin.com later this year.
“Danskin has strong brand awareness and with the ongoing popularity of athleisure, we have a significant opportunity to grow the brand through new licensing partnerships that will bring Danskin into more categories and territories,” said Bob Galvin, president and chief executive officer of Iconix Brand Group, Inc. “Partnering with Fashion Footwear for Danskin’s new footwear is part of our strategy to take advantage of Danskin’s substantial brand equity.”
The new Danskin footwear collection includes styles for women’s active lifestyles, featuring a versatile color palette and modern silhouettes. Key silhouettes include ballet flats and stretch mesh sneakers, in both slip-on and lace-up variations. The color palette spans from feminine white, gray, metallics and nude, to sporty with pops of bright pink and neon green. The collection is positioned at an accessible price point, with retail prices of $50 and under.
Danskin, owned by Iconix Brand Group, Inc., has been the authority in dance since 1882. From its start selling hosiery to ballerinas, to outfitting the Radio City Rockettes and New York City Ballet, Danskin has been the standard in dance for more than 135 years. Today, Danskin has evolved from a traditional dance apparel brand to an aspirational activewear brand for the modern woman. Danskin exists to enable powerful feelings of expression through movement and is committed to creating products that support today’s woman as she moves through her active, engaged, dynamic life.
For updates and more information on Danskin, please visit us at www.danskin.com.
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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.”
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