California Apparel News reports that Iconix has purchased half of the Ed Hardy brand. The Iconix Brand Group owns several fashion brands including Rampage, Candie's, Bongo, Ocean Pacific and Badgely Mischka brands
Ed Hardy, a San Franciscoased old-school tattoo artist, has licensed his name and art to various entities, the most well-known being designer Christian Audigier, who has put Hardy抯 work on everything from wine and swimwear toed hardy tops jeans and water through his Nervous Tattoo company. A release by Iconix said Hardy Way estimates that 2009 royalty revenue will be approximately $10 million.
The deal, which included a cash payment of $9 million and $8 million in stock, is the latest California brand to join the Iconix roster. Mossimoed hardy t-shirts was purchased for an estimated $119 million, Rampage for nearly $50 million and Ocean Pacific for roughly $40 million.
揥e are excited to have the opportunity to participate in the continued success of the Ed Hardy brand and believe there are tremendous growth opportunities worldwide,?Neil Cole, chairman and chief executive of Iconix, said in a statement. e also believe that by owning the brand alongside Don Ed Hardy, the founder, there will be opportunities ed hardy underwear loungewearto further leverage his iconic name along with his new artwork.?
The Deal says Iconix paid $9 million in cash, $8 million in stock and $1 million on future earn-out royalties to buy half of the Ed Hardy brand.
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