NEW YORK, May 1 /PRNewswire-FirstCall/ -- Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix" or the "Company") today announced that it has entered into a definitive agreement to form an equal joint venture with Novel Fashion Holdings Limited ("Novel"), a Hong Kong based company, owned and run by Silas Chou and family. The joint venture company, "Iconix China", will be based in Hong Kong and overseen by a board of directors comprised of equal delegates from Iconix and Novel. In connection with the transaction, Novel will commit to contribute $20 million and Iconix will commit to contribute $5 million and substantially all rights to its brands for the territories of China, Hong Kong, Taiwan and Macao.

The strategy behind Iconix China will be to identify local operating companies with the potential to go public and provide them with one of the Iconix brands, and marketing and brand management support, in exchange for an equity stake in their companies. The joint venture company will also potentially acquire interests in other Chinese or Asian brands. Iconix China will also receive royalties from the existing Iconix license agreements in the territory including OP, which is licensed to Wal-Mart, London Fog, which is licensed to New Foundations and Cannon and Royal Velvet, which are licensed to Li & Fung.

Neil Cole, Chairman and CEO of Iconix commented "Silas Chou is a highly respected and successful entrepreneur in both the United States and China and will be a terrific partner for Iconix in this venture. Silas has a vision and business model for China that is as innovative for that market as the Iconix model has been in the United States. Our goal in developing Iconix China will be to become a powerful platform, not just for the brands we own today, but hopefully many new brands in the future. We believe Iconix China has the potential to deliver compelling returns to our shareholders and one day could become larger than our U.S. business."

Silas Chou, Chairman and CEO of Novel commented, "The opportunity for these brands in China is enormous. China has a rapidly developing middle class of consumers that could number as many as seven hundred million people in the near future. China is already saturated with luxury brands, but there is a large void for brands to serve this new emerging middle class and that is the most lucrative opportunity in this exciting market. Neil and his team have assembled a world class portfolio of brands that is ideally suited to own this market in China and we will be pairing them with the best operators to realize their full potential."

About Iconix Brand Group:

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) and STARTER (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, the satisfaction of the conditions of the joint venture, 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 "will", "should", "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
              212.730.0030

              Joseph Teklits
              ICR
              203.682.8200


SOURCE  Iconix Brand Group, Inc.
    -0-                             05/01/2008
    /CONTACT:  David Conn, Executive Vice President, Iconix Brand Group,
+1-212-730-0030; or Joseph Teklits, ICR, +1-203-682-8200/
    /Web site:  http://www.iconixbrand.com /
    (ICON)

CO:  Iconix Brand Group, Inc.; Novel Fashion Holdings; Iconix China
ST:  New York, China
IN:  FAS REA
SU:  JVN

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5259 05/01/2008 07:00 EDT http://www.prnewswire.com