JOE BOXER IMPACT: Shares of Iconix Brand Group Inc. went up Monday after the company completed an $80 million acquisition of the Joe Boxer brand. Shares closed at $9.48, up 67 cents, in over-the-counter trading. The purchase price for Joe Boxer was $40 million in cash, 4,350,000 shares of restricted stock and an assumption of $11 million in debt, the company said. The brand, through an agreement with Kmart and international licensees, generates $20 million in annual royalty income. Financing for the $80 million deal was through an increase of Iconix's current asset-backed securitization note that is secured by the firm's intellectual property. UCC Capital, the investment banking firm that advised Iconix and acted as the underwriter, said that the $45 million single tranche of asset-backed bonds has a seven-year maturity, due in 2012. The note was privately placed.
CEO IS PICKED: Donald J Pliner, the footwear and accessories firm, has promoted Roxanne Ehrenberg to chief executive officer and vice president of sales and operations. She succeeds Len Pesko, who has left the firm. Ehrenberg will be based in New York and will oversee all of the company's divisions, including women's and men's accessories, footwear, leather clothing, the new Friends of Babydoll Collection for pets, retail stores and licensees. She has been with Pliner for a decade, most recently as sales director of the Southwest territory. Previously, she worked for more than 11 years at Neiman Marcus as a buyer of shoes, contemporary men's wear, men's furnishings and accessories.
ADIDAS SIGNS AGASSI: Tennis champ Andre Agassi may be nearing the end of his playing career, but Adidas doesn't seem to mind. Agassi, who was a longtime Nike-sponsored athlete until that contract ended in January, has now become an Adidas-sponsored player. Adidas will begin outfitting Agassi at the Mercedes-Benz Cup in Los Angeles this week. Agassi's wife, Steffi Graf, is also an Adidas-sponsored athlete.
PARKER JOINS SAFILO: Safilo USA, the Parsippany, N.J.-based subsidiary of Italian eyewear firm Safilo Group, appointed Timothy Parker director of product development, a new position. Parker reports to Claudio Gottardi, president and chief executive officer of Safilo USA. He will be responsible for managing the developmental process and design direction for all domestic-based licensed, proprietary and private label eyewear brands, such as Ralph Lauren, Juicy Couture and Kate Spade, sold by Safilo in North America. He also will work with the parent company to edit what will be distributed in the U.S. market from the European collections. Parker was most recently vice president of product development for Lantis Eyewear.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"