Iconix Brand Group Inc. said Tuesday it has partnered with The Licensing Company to launch a European unit to pursue expansion in the region.
A group of investors led by The Licensing Company and Albion Equity Partners acquired a 50 percent stake in the new division, Iconix Europe, for $4 million, Iconix said. As part of the deal, Iconix retained its own 50 percent interest in the venture and the rights to its first $6 million of distributions.
Iconix said it currently has 11 existing licensing agreements in Europe. The company said it expects to record a pre-tax gain of between $5 million and $7 million related to the transaction.
For complete coverage, see Wednesday’s WWD.