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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Iconix Brand Group Announces Hiring of John Haugh as CEO
NEW YORK, Feb. 23, 2016 /PRNewswire/ —
- Mr. Haugh will become CEO on April 1, 2016
- Peter Cuneo transitioning to Executive Chairman on April 1, 2016
The Board of Directors of Iconix Brand Group, Inc. (Nasdaq: ICON) (“Iconix” or the “Company”) today announced that John N. Haugh has been appointed President and a member of the Board of Directors effective February 23, 2016. Mr. Haugh will become Chief Executive Officer of Iconix on April 1, 2016. At that time, Interim CEO Peter Cuneo will transition to Executive Chairman of the Iconix Board.
Mr. Haugh is a proven executive with more than 30 years of experience leading premier global brands and retail businesses at highly respected companies, including Luxottica S.p.A., Build-A-Bear Workshop, Inc. and Mars, Inc. In his role as President of Sun, Luxury and Retail Services for Luxottica Retail, N.A., he led more than 14,000 Sunglass Hut associates; managed the Luxottica and Macy’s, Inc. license operations business; directed the luxury optical business; and managed real estate, design and construction for Luxottica Retail, N.A.
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Starter is excited to unveil its new “Jackets Required” 2015 marketing campaign featuring LA Dodgers outfielder, Yasiel Puig. Shot by renowned sports and fashion photographer, Jon Johnson at a historic mansion in the Pacific Palisades, LA. Puig follows behind previous “Jackets Required” star, Kevin Love of the Cleveland Cavaliers.
This marks the first fashion campaign for Puig. “This is my first fashion campaign so when Starter approached me I was really honored to work with them,” said Puig. “It’s exciting to be staring in the “Jackets Required” campaign, when I was in Cuba I couldn’t have imagined having these blessings in my life.”
The campaign creative features Puig in a series of striking images shot overlooking the breathtaking views of the Pacific Ocean and inside the mansion’s library. Puig appears in the campaign wearing the brands’ iconic satin jacket in both LA and Brooklyn Dodgers styles. The ads give a nod to his Cuban heritage as Puig wore fitted white linen pants and straw fedora hats with the classic jackets.
On set Puig was accompanied by his family including his mother and son where they danced to music and ate authentic Cuban cuisine. Puig’s mom even got in on the modeling by trying on his LA Dodger’s jacket and a fedora.
The multi-media marketing campaign will launch across online men’s sports and fashion outlets this month. Puig joins the ranks of baseball greats featured in iconic Starter campaigns of the 70s and 80s including Reggie Jackson, Darryl Strawberry, Cecil Fielder. “I am very honored to be in the company of so many great players who have been featured in Starter campaigns in the past,” said Puig.