Iconix Brand Group, Inc. (ICON) announced that it has acquired the 49% minority interest in IP Holdings Unltd LLC or "IPHU", owner of the Ecko Unltd., Marc Ecko Cut & Sew and related trademarks. Previously, the company held a 51% controlling interest in IPHU. Marc Ecko Enterprises will continue in its role as the core apparel licensee for the brands.
The company noted that it paid $45 million in cash for the remaining equity in IPHU. In addition, as part of the transaction, the sellers will no longer have any obligations under a note payable by IPHU in the approximate amount of $52 million.
Founded in 1993, Ecko Unltd. is a lifestyle brand that quickly became the leading face of global youth culture. Marc Ecko organically built a loyal following among the new generation's cultural icons like the Beastie Boys, Spike Lee and Chuck D and cemented a strong consumer base. Ecko Ultd is currently sold in over 5,000 stores in 60 countries and has about 100 stand-alone retail stores.
In 2004, the Marc Ecko Cut & Sew collection was launched blending classic tailoring with bold graphics and tasteful embellishments. It was designed for men to start dressing a little more seriously while maintaining their youthful edge. Cut & Sew is available at better department stores including Dillard's, Macy's and key specialty stores and its product assortment includes apparel, eyewear and footwear.
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