Iconix to purchase lifestyle apparel brand Rocawear
06 Mar '07
3 min read
Neil Cole, Chairman and CEO of Iconix Brand Group commented, "This is the largest acquisition Iconix has made and Rocawear is a brand that is increasing in market share and has extraordinary potential for growth. The leadership team is already in place to fulfill our mission and we will maintain complete continuity within the business by having Jay and his team in charge of all product development, licensing and marketing.”
“Jay and his partners in the operating company that manufactures all of the Rocawear men's apparel, Alex Bize and Norton Cher, will become our licensee for the core business. Iconix will add talent and resources that I believe will help make Rocawear a billion dollar global brand. This acquisition will be transformative for Iconix in terms of its scale, the diversification it brings to our portfolio of brands as well as having someone as talented as Jay-Z joining our company and the many synergies that could bring."
Shawn Carter, co-founder of Rocawear, commented, "Iconix is pioneering a new brand management model and by combining Rocawear with their platform, my team and I can focus on our strengths in design and lifestyle marketing." Carter added, "I'm also looking forward to working with Neil Cole and the Iconix organization on other brand development opportunities."
The purchase price for the acquisition will be paid by Iconix in cash from proceeds of a loan made to the Company by one or more affiliates of Lehman Brothers Inc. The acquisition is anticipated to close in March 2007 and is subject to customary closing conditions including clearance under the Hart- Scott-Rodino Anti Trust Improvements Act of 1976, as amended.
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