Iconix Brand announces closing of Danskin acquisition
12 Mar '07
1 min read
Iconix Brand Group Inc announced that the Company has completed the acquisition of the brand Danskin.
The purchase price for the transaction was $70 million with a contingent payment of an additional $15 million, to be payable in cash or stock, based on the brand exceeding certain revenue and performance targets.
The acquisition was self-funded from the Company's cash reserves. Danskin is anticipated to generate approximately $15 million in royalty revenue in its first twelve months under the Iconix umbrella.
Danskin is a 125 year-old iconic brand of women's active wear, leg wear, dance wear, yoga apparel and fitness equipment.
The brand is sold through better department, specialty and sporting goods stores, and through fifteen freestanding Danskin boutiques and Danskin.com. Danskin also has a partnership with Wal-Mart Stores for its "Danskin Now " brand of apparel and fitness equipment.
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