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Iconix to diversify, powerful brands in the offing

Jul '05
Iconix Brand Group Inc, formerly Candie's Inc, announced it has purchased JOE BOXER, a leading lifestyle brand of apparel, apparel accessories and home goods for men, women, teens and children, from Joe Boxer Company LLC and its affiliates.

The JOE BOXER brand is currently licensed exclusively to Kmart in the United States and internationally to manufacturers in Canada and Europe. The purchase price was comprised of $40 million in cash, 4,350,000 shares of restricted stock and an assumption of approximately $11 million in debt. Through its existing agreements with Kmart and international licensees, the JOE BOXER brand generates approximately $20 million in annual royalty income.

According to Neil Cole, Chairman and CEO of Iconix, ""JOE BOXER is a very powerful brand with over ninety percent awareness and an irreverent and playful image that entertains consumers and adds excitement to the retail floor.

This acquisition supports the growth strategy of Iconix to diversify and expand their portfolio of brands by giving us a strong presence in the young men's market and entry into staple categories like underwear, sleepwear, socks and hosiery." Cole added, "Iconix is recognized for innovative marketing. They look forward to creating exciting advertising and events for JOE BOXER that stay true to its heritage yet expands the brand even further with its target market."

Bill Sweedler, formerly CEO of Windsong Allegiance Group LLC will join Iconixas President of the newly formed JOE BOXER division. Mr. Sweedler will also have a seat on the Iconix Brand Group Board of Directors. Bill Sweedler commented, "I am thrilled to be joining such an exciting company.

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