NEW YORK, March 10, 2010 /PRNewswire via COMTEX/ -- Madonna and Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix") have announced the formation of MG Icon LLC ("MG Icon"), a joint venture to be owned 50% by Iconix and 50% by an entity controlled by Madonna and Guy Oseary. MG Icon will develop and explore business initiatives in the United States and around the world including the creation and acquisition of brands as well as exploring opportunities within the Iconix portfolio. This partnership marks Madonna's first joint venture endeavor into the branding industry.
"Madonna is a legend in the world of music, fashion and entertainment and now with her deep involvement in MG Icon we will be able to leverage her vision into consumer products globally," stated Neil Cole, CEO and Chairman, Iconix Brand Group. "Our strategy is to introduce brands formed through the joint venture in multiple countries and organically expand worldwide," Cole concluded.
Madonna stated, "Joining forces with Iconix to bring my fashion ideas to consumers is very exciting for me. I look forward to working closely with Neil and his team to create and translate my vision and ideas for MG Icon."
MG Icon has entered into an exclusive license and services agreement with Madonna allowing the use of Madonna's name and personality in connection with apparel, footwear and other products. Madonna has agreed to provide creative services in connection with the development and promotion of the venture's brands and opportunities.
MG Icon will announce a Macy's direct-to-retail agreement imminently.
Madonna, a multi Grammy winning artist, cultural icon, Rock and Roll Hall of Fame inductee, director, producer, documentarian, children's book author, video visionary and humanitarian has sold over 200 million albums in the course of her unparalleled career in the entertainment business. Her recent "Sticky and Sweet" Tour was the most successful concert tour by a solo artist in history.
Additional information will be available in the investor relations section of the company website, www.iconixbrand.com.
About Iconix Brand Group, Inc:
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) ROCA WEAR(R), CANNON (R), ROYAL VELVET (R), FIELDCREST (R), CHARISMA (R), STARTER (R) and WAVERLY (R). In addition, Iconix owns an interest in the ARTFUL DODGER (R), ED HARDY (R), ECKO (R), MARC ECKO (R) and ZOO YORK (R) brands. The Company licenses its 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.
VP of Public Relations
SOURCE Iconix Brand Group, Inc.