Iconix buys Lee Cooper brand to grow international biz
Feb 20 2013 , Bangalore
The company, owner of brands such as Ed Hardy, Rocawear and Candie's, said it paid $72 million in cash for the brand.
The company has also attempted to grow international sales over the last four years through a series of joint ventures in China, India, Europe and Latin America.
In August 2011 Iconix bought the global rights to the Ed Hardy brand in a deal that raised its stake in the label to 85 percent.
Iconix said it expects the Lee Cooper acquisition to boost the contribution of international business to 33 percent in 2013. International revenue constituted 18 percent of total sales in 2011, according to Thomson Reuters data.
Lee Cooper licenses casual wear, footwear and accessories under its namesake brand. The brand is sold in over 80 countries and represents about $500 million in annual global sales.
Iconix said it purchased the label through its Luxembourg subsidiary -- Iconix Luxembourg Holdings Sarl.
The company bought the Buffalo David Bitton brand earlier this month to expand into higher-end brands.
Iconix also said its board authorized a program to repurchase up to $300 million of its stock over a three year period.