Iconix Brand Group acquires Joe Boxer
25/07/2005
Iconix Brand Group, Inc., formerly Candie's, Inc., has purchased Joe Boxer, a lifestyle brand of apparel, apparel accessories and home goods for men, women, teens and children, from Joe Boxer Company, LLC and its affiliates. Joe Boxer 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, Joe Boxer generates approximately $20 million in annual royalty income.
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, Joe Boxer generates approximately $20 million in annual royalty income.
Bill Sweedler, formerly CEO of Windsong Allegiance Group, LLC, will join Iconix as president of the newly formed Joe Boxer division. Mr. Sweedler will also have a seat on the Iconix Brand Group Board of Directors. Andy Tarshis, formerly a senior vice president at Windsong Allegiance Group and Joe Hovey, formerly executive brand manager, will also be joining Iconix.
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