Iconix Brand Group Inc. said Friday that it bought the remaining 49 percent of IP Holdings Unltd LLC, parent company of Ecko Unltd., Marc Ecko Cut & Sew and related trademarks.
Iconix, which already owned 51 percent of IPHU, said it paid $45 million in cash for the remaining equity. As part of the transaction, the sellers no longer have any obligations under a $52 million note payable by the business.
“There is a strong growth opportunity in the youth culture market around the world, and we are thrilled to increase our equity in the Ecko Unltd. and Cut & Sew brands,” said Iconix chief executive officer Neil Cole. “We look forward to continuing to work with our licensees as well as the MEE team to further expand the businesses.”
Marc Ecko Enterprises will continue to be the core apparel licensee for the brands.
“We look forward to continuing our strong relationship with Iconix and being the leader in youth culture branding, merchandising and design,” said Seth Gerzsberg, ceo of Marc Ecko Enterprises.