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Iconix Brand Group Announces Definitive Agreement to Purchase Official Pillowtex, LLC
     - Acquisition Provides Diversification Beyond Fashion Adding Four Iconic
       Home Brands - Cannon(R), Royal Velvet(R), Fieldcrest(R) and
       Charisma(R) - to its Growing Portfolio

NEW YORK, Sept. 6 /PRNewswire-FirstCall/ -- Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix" or the "Company"), today announced that it has entered into a definitive agreement to purchase Official Pillowtex, LLC, a licensing company that owns a large portfolio of home brands including four primary brands, Cannon, Royal Velvet, Fieldcrest and Charisma and numerous others home brands including St. Mary's and Santa Cruz. The purchase price will be $231 million in cash with contingent payments of up to an additional $15 million in cash based upon the brands surpassing specific revenue targets.

The four primary brands are all currently licensed in the U.S.: Cannon and Royal Velvet to Li & Fung USA, Fieldcrest to Target Stores and Charisma to Westpoint Stevens. In the aggregate the four brands are estimated to generate between $35 and $37 million in 2008 royalty revenue with direct expenses of between $5 and $7 million, and will be accretive to earnings. Total aggregate guaranteed royalty revenue for the brands equals approximately $160 million or approximately 65% of the purchase price.

According to Neil Cole, Chairman and CEO of Iconix Brand Group, "This is a transformative acquisition for Iconix as our brand portfolio now transcends the fashion industry with the addition of four iconic home brands. These brands have a combined three hundred years of history and a level of awareness and authenticity that few brands in any category can match. We believe that the home industry is an ideal fit for our first acquisition outside of fashion as there is a lack of innovative marketing and differentiation among brands. I believe that our marketing expertise will enable us to maximize the potential of these iconic brands and realize numerous growth opportunities including extending their reach into new categories in the home as well as into new markets around the world and developing some of the additional smaller brands within the Pillowtex portfolio."

The purchase price for the acquisition will be paid by Iconix in cash. The acquisition is anticipated to close later this year and is subject to customary closing conditions including clearance under the Hart-Scott-Rodino Anti Trust Improvements Act of 1976, as amended.

Iconix Brand Group, Inc. (Nasdaq: ICON) owns, licenses and markets a growing portfolio of consumer brands including CANDIE'S(R), BONGO(R), BADGLEY MISCHKA(R), JOE BOXER(R), RAMPAGE(R), MUDD(R), LONDON FOG(R), MOSSIMO(R) , OCEAN PACIFIC(R), DANSKIN(R) and ROCAWEAR(R). The Company licenses it brands to a network of leading retailers and manufacturers that touch every major segment of retail distribution from the luxury market to the mass market in both the U.S. and around the world. Iconix, through its in-house advertising, promotion and public relations agency, markets its brands to continually drive greater consumer awareness and equity.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. The statements that are not historical facts contained in this press release are forward looking statements that involve a number of known and unknown risks, uncertainties and other factors, all of which are difficult or impossible to predict and many of which are beyond the control of the Company, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors include, but are not limited to, uncertainty regarding the results of the Company's acquisition of additional licenses, continued market acceptance of current products and the ability to successfully develop and market new products particularly in light of rapidly changing fashion trends, the impact of supply and manufacturing constraints or difficulties relating to the Company's licensees' dependence on foreign manufacturers and suppliers, uncertainties relating to customer plans and commitments, the ability of licensees to successfully market and sell branded products, competition, uncertainties relating to economic conditions in the markets in which the Company operates, the ability to hire and retain key personnel, the ability to obtain capital if required, the risks of litigation and regulatory proceedings, the risks of uncertainty of trademark protection, the uncertainty of marketing and licensing acquired trademarks and other risks detailed in the Company's SEC filings. The words "believe," "anticipate," "expect," "confident," "project," provide "guidance" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date the statement was made.

    Contact:   David Conn
               Executive Vice President
               Iconix Brand Group

               Joseph Teklits
               Integrated Corporate Relations

SOURCE  Iconix Brand Group, Inc.
    -0-                             09/06/2007
    /CONTACT:  David Conn, Executive Vice President, Iconix Brand Group,
+1-212-730-0030; or Joseph Teklits of Integrated Corporate Relations,
    /Web site: //

CO:  Iconix Brand Group, Inc.
ST:  New York

-- NYTH125 --
9304 09/06/2007 16:01 EDT

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