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Initial monetization of London Fog
12
Dec '11
Iconix Brand Group, Inc. announced an initial monetization of its London Fog brand in China, as China Outfitters Holdings Ltd (China Outfitters), its partner for London Fog China, successfully completed an Initial Public Offering on the Hong Kong Stock Exchange.

The announcement marks the first in what Iconix expects to be a series of monetization events for its overall business in China. Iconix China currently has retail partnerships for six of its brands, including Candies, Rampage, Badgley Mischka, Rocawear, London Fog and a recently signed definitive agreement for Royal Velvet.

The partnership between Iconix China and China Outfitters began in April 2009 to develop and market the London Fog brand into Greater China. Since then over 100 London Fog stores and shop-in-shop concepts have been opened in multiple cities throughout China.

The monetization of London Fog China was triggered by the recent IPO of China Outfitters, in which Iconix China received shares in the global offering. Iconix China sold approximately 54% of its shares in the offering and is retaining the remaining shares. Iconix expects to recognize an initial pre-tax gain of approximately $6 million related to its share of this monetization event.

"This announcement is a pivotal mark for our long term growth strategy in China," stated Neil Cole, Chairman and CEO of Iconix Brand Group. "The Iconix brands that have launched in China to date are performing well. With the recent IPO of China Outfitters, we realized an initial gain for our London Fog brand and expect to participate in the future growth of the brand through the shares we are retaining."

China Outfitters is a fast-growing, menswear-focused apparel design, manufacturing, marketing and sales company in China. In addition to London Fog, its wide range of menswear and accessories are offered under a number of internationally renowned, mid-to-high end brands.

Veronica Chou, President of Iconix China stated, "The IPO of China Outfitters is just the beginning of our long term potential in China. We are excited about the growth opportunities for the six brands we have signed, and are continuing to seek out quality partners for the entire Iconix portfolio."

Iconix Brand Group Inc

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