Already owning more than half the interest in IPU Holdings Unltd., the owner of Ecko Unltd., brand licensing and marketing specialist Iconix Brands (NASDAQ: ICON ) announced yesterday that it had acquired the remaining 49% in the company.
Founded by fashion designer Marc Ecko in 1993, the brand became a fashion staple in the rap and hip-hop scene with artists such as the Beastie Boys, Chuck D, and Spike Lee bringing it to the fore. Iconix paid $45 million cash for the remaining interest while relieving IPU of the obligations associated with a $52 million note.
In addition to Ecko Unltd., Inconix will acquire Marc Ecko Cut & Sew and related trademarks. Marc Ecko Enterprises, or MEE, will continue in its role as the core apparel licensee for the brands.
Iconix Brand CEO Neil Cole said: "We believe there is a strong growth opportunity in the youth culture market around the world and are thrilled to increase our equity in the Ecko Unltd. and Cut & Sew brands. We look forward to continuing to work with our licensees as well as the MEE team to further expand the businesses."
Cut & Sew is available at better department stores. including Dillard's, Macy's, and specialty stores, and its product assortment includes apparel, eyewear, and footwear.