Iconix Brand Group Inc. said it has entered into a definitive agreement to purchase Ocean Pacific from The Warnaco Group Inc. for $54 million.

The OP brand is a leading global action sports lifestyle brand over 35 years old. As part of the deal, Warnaco will be granted a license from Iconix to continue to manufacture and sell women’s and junior swimwear.

For complete coverage see tomorrow’s issue of WWD.