NEW YORK, Oct. 3 /PRNewswire-FirstCall/ -- Iconix Brand Group, Inc.
(Nasdaq: ICON; "Iconix" or the "Company"), today announced that it has closed
on the acquisition of 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 for the acquisition was
approximately $231 million in cash with contingent payments of up to an
additional $15 million in cash based upon the brands surpassing specific
Neil Cole, Chairman and CEO, Iconix, stated, "We are pleased to acquire
Pillowtex in a diversifying and transformative acquisition for Iconix. The
home sector is a natural progression for Iconix and we plan to infuse these
brands with our strategic and innovative marketing as we expand them into new
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) as well as a large portfolio of
home brands including CANNON(R), ROYAL VELVET(R), FIELDCREST(R) and
CHARISMA(R). 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, with distribution in
the U.S. and around the world. Iconix, through its in-house advertising,
promotion and public relations agencies, markets its brands to drive greater
consumer awareness and equity.
Contact: David Conn
Executive Vice President
Iconix Brand Group, Inc.
SOURCE Iconix Brand Group, Inc.
/CONTACT: David Conn, Executive Vice President of Iconix Brand Group,
Inc., +1-212-730-0030 /
/Web site: http://iconixbrand.com//
CO: Iconix Brand Group, Inc.; Official Pillowtex, LLC
ST: New York
IN: REA FAS TEX
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2139 10/03/2007 16:01 EDT http://www.prnewswire.com