ICONIX AQUIRES LATIN AMERICAN STAKE: Iconix Brand Group Inc. has acquired the 50 percent balance of Iconix Latin America from its joint venture partner New Brands Group S.A. for $42 million.
Neil Cole, chairman and chief executive officer of Iconix, said, “”We are excited about our international growth and the acquisition of the remaining interest of Iconix Latin America.” Cole added that going forward, the company will be able to focus on the “unique business environment of each country in the region as we continue to grow the local presence of our portfolio of brands.”
He emphasized that international expansion remains a key part of the company’s organic growth strategy.
Iconix Latin America was formed in December 2008. Iconix said that royalty revenue from the portfolio of brands has “more than quadrupled” in the region, with strong growth in Brazil, Mexico, Chile and across Central America. Iconix’s portfolio of brands general $22 million of royalty revenue in Latin America, and is now in a position, having scale and market presence, to move from a centralized model to a “multi-market model to bettter capitalize on the opportunities in each local market.”