Iconix Acquires Remaining Interest in Ecko Unltd.
Already owning more than half the interest in IPU Holdings Unltd., the owner of Ecko Unltd., brand licensing and marketing specialist Iconix Brands announced yesterday that it had acquired the remaining 49% in the company.
Founded by fashion designer Marc Ecko in 1993, the brand became a fashion staple in the rap and hip-hop scene with artists such as the Beastie Boys, Chuck D, and Spike Lee bringing it to the fore. Iconix paid $45 million cash for the remaining interest while relieving IPU of the obligations associated with a $52 million note.
In addition to Ecko Unltd., Inconix will acquire Marc Ecko Cut & Sew and related trademarks. Marc Ecko Enterprises, or MEE, will continue in its role as the core apparel licensee for the brands.
Iconix Brand CEO Neil Cole said: "We believe there is a strong growth opportunity in the youth culture market around the world and are thrilled to increase our equity in the Ecko Unltd. and Cut & Sew brands. We look forward to continuing to work with our licensees as well as the MEE team to further expand the businesses."
Cut & Sew is available at better department stores. including Dillard's, Macy's, and specialty stores, and its product assortment includes apparel, eyewear, and footwear.
The article Iconix Acquires Remaining Interest in Ecko Unltd. originally appeared on Fool.com.Fool contributor Rich Duprey and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.