NEW YORK--(BUSINESS WIRE)--July 21, 2005--Iconix Brand Group, Inc. (NASDAQ: ICON), formerly Candie's, Inc. ("Iconix" or the "Company"), has entered into a letter of intent to purchase the JOE BOXER(R) brand, a leading brand of men's, women's and children's underwear, accessories and apparel, from Joe Boxer Company, LLC and its affiliates.

The Company is currently negotiating a definitive purchase agreement, which is subject to the Company's ability to obtain financing, among other customary closing contingencies.

About Iconix Brand Group, Inc.

Iconix Brand Group, Inc. (NASDAQ: ICON) is in the business of licensing the CANDIE'S(R), BONGO(R) and BADGLEY MISCHKA(R) trademarks on a variety of apparel and fashion products. Through its wholly owned subsidiary, Brightstar Footwear, Inc., the Company also arranges for the manufacture of footwear products for mass market retailers. For investor information please visit the corporate Web site at www.iconixbrand.com.

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 decision to license its footwear business, 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 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," 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: Iconix Brand Group, Inc.
Maria Dolgetta, 212-730-0030
mdolgetta@iconixbrand.com

SOURCE: Iconix Brand Group, Inc.