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.
Breaking: @cushnieetochs’ co-founders @carlycushnie and @ochsmichelle are parting ways. After a 10-year run, Ochs is leaving the brand. Get the full story on WWD.com – link in bio. #wwdnews #wwdfashion
@maybelline’s Kanako Takase had snow bunnies in mind when creating the beauty look for @philipppleininternational. Playing off of the bedazzled snowboards in the collection, Takase mixed two highlighters together for a luminous sheen. #wwdbeauty #nyfw (📷: @jilliansollazzo)
“There’s a huge gap between the old way of doing things and today. It takes the youth to help evolve that. You have to count on the kids today to help lead you into the future. A lot of these retailers are stuck in the past. Communication is the biggest thing,” said @ronniefieg of @kith on the youth’s role in retail. On Monday night, Jeff Staple moderated a keynote session with Fieg and @syresmith at Assembly - a series of workshops, talks and keynotes addressing topics or issues in the apparel industry. Head to WWD.com to read more advice from Fieg and what Smith thinks of his dad @willsmith’s Instagram account and sustainability (📷: @weston.wells)
@joansmalls closed the @michaelkors fall 2018 show in black sequined pants and a varsity T printed with 19 on the front and 81 on the back. 1981 – the year Kors went into business. #wwdfashion #nfyw (📷: @giovanni_giannoni_photo)
“You think your life is going to be a certain way, and nothing you thought would happen ends up happening. Never in my wildest dreams did I think I’d be designing clothes and working with Mickey Drexler, and building something I’m deeply proud of,” said Jenna Lyons. Nine months after leaving @jcrew, Lyons is exploring the meaning of happiness. Read the interview, where Lyons talks about reinvention and more on WWD.com – link in bio. #wwdfashion (📷: Farrell) #jennalyons #jcrew