By  on July 27, 2011

Iconix Brand Group Inc. said Wednesday that its second-quarter profits grew nearly 70 percent as it agreed to convert its majority stake in the Zoo York brand to full ownership.

The company acquired a 51 percent stake in the Zoo York brand when it took a majority stake in Marc Ecko Enterprises in October 2009. Iconix said that it has agreed to pay $18 million for the remaining 49 percent of Zoo York it doesn’t currently own. Distribution of the brand, licensed to Li & Fung, is focused on midtier retailers such as J.C. Penney Co. Inc. and Kohl’s Corp.

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