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Iconix Brand Group to buy Mossimo, Mudd brand

03 Apr '06

4 min read

Mudd also informed that it will acquire, subject to the terms and conditions of the asset purchase agreement, the Mudd brand from Mudd (USA) LLC, a Delaware company controlled by the Tack Fat Group International Limited, a publicly traded apparel company based in Hong Kong.

The estimated purchase price is $88 million, comprised of approx. 50 percent cash and 50 percent Iconix stock. The company will be assuming eleven existing license agreements for Mudd and will enter into a new agreement under which the Mudd brand name will be licensed for use in the core denim business to Mudd (USA) and the brand's founder Dick Gilbert.

Mudd was founded in 1996 and today markets lifestyle products under the Mudd brand name in the girls and juniors markets. The Mudd brand's distribution today includes moderate department stores and specialty store chains.

Neil Cole, Chairman and CEO of Iconix, stated, "We are very pleased with these two acquisitions which are expected to further diversify our revenue stream, strengthen our licensing and brand management platform and provide us with significant growth opportunities for the future."

"Mossimo is one of the largest apparel brands in the United States distributed exclusively through one of the biggest and most exciting retailers in the world and we are thrilled to be in a position to add it to our growing portfolio of strong consumer brands which currently includes Candie's, Bongo, Badgley Mischka, JoeBoxer and Rampage," Cole continued.

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