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| Candie's Inc. to Change Company Name to Iconix Brand Group, Inc.; Name Change to Reflect Multi-Brand Management Platform |
NEW YORK--(BUSINESS WIRE)--June 27, 2005--Candie's, Inc., (NASDAQ: CAND) (the "Company") announced today that effective July 1st it will change its corporate name to Iconix Brand Group, Inc. ("Iconix") and will trade on the NASDAQ stock exchange under the ticker symbol ICON. The name change represents the final step of the transformation of the Company's business from an operating footwear and apparel company to a brand management business. Iconix today owns three brands, Candie's(R), Bongo(R) and Badgley Mischka(R) and has licensed them in a broad variety of categories to retailers, wholesalers and distributors worldwide. Neil Cole, Chairman and CEO of Iconix, stated, "The word Iconix symbolizes our goal of owning a strong and diversified portfolio of many leading brands. Our new business model is aligned with the expertise of our management team and optimizes shareholder value by minimizing the risks associated with operating a fashion company in today's retail environment." Cole added, "The proliferation of low cost overseas manufacturing and retail consolidation is changing the traditional supply chain model. Our goal is to create strategic alliances with retailers and suppliers worldwide and add value to this network through our expertise in marketing and merchandising. We are excited to have fully transitioned our business to the brand management model with an infrastructure in place to easily integrate new brands into our unique platform." The Company's name change will become official on July 1st, 2005, with the Company switching NASDAQ ticker symbols from CAND to ICON on the same day. A new corporate website with information on the Company and its brands will launch at www.iconixbrand.com. About Candie's, Inc. Candie's, Inc. is in the business of licensing the CANDIE'S(R), BONGO(R) and BADGLEY MISCHKA(R) trademarks to retailers and manufacturers worldwide. Through its wholly owned subsidiary, Brightstar Footwear, Inc., the Company also arranges for the manufacture of footwear products for mass market and discount retailers under the private label brand of the retailer. For investor information please visit the corporate web site at http://www.candiesinc.com.
CONTACT: Candie's, Inc. |
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