Iconix Buys Balance of Iconix Latin America
NEW YORK-Iconix Brand Group has acquired the remaining 50 percent of Iconix Latin America from New Brands Group, its joint venture partner, for $42 million.
Iconix Latin America was formed in December 2008. According to an Iconix statement, royalty revenue from the company's brand portfolio has more than quadrupled across Brazil, Mexico, Chile and Central America. In Latin America, Iconix's global Peanuts platform and its recently acquired Umbro, Buffalo and Lee Cooper brands generate about $22 million of royalty revenue.
The statement added that its brands now have sufficient scale in the region to move from the current centralized model to a multimarket model and to better capitalize on the opportunities in each local market.
Neil Cole, Iconix's chairman and CEO, said, "Going forward, we will be able to focus on the unique business environment of each country in the region, as we continue to grow the local presence of our portfolio of brands. International expansion is a key part of our overall organic growth strategy, and we look forward to continuing to build our global footprint."