(Filed Under Fashion News). Madonna and Iconix Brand Group, Inc. have formed MG Icon LLC, a joint venture to be owned 50 percent by Iconix and 50 percent by an entity controlled by Madonna and Guy Oseary. MG Icon will develop and explore business initiatives nationally and internationally, which will include the acquisition of brands and the exploration of opportunities within the Iconix portfolio. This is Madonna’s first joint venture in the branding industry.

"Joining forces with Iconix to bring my fashion ideas to consumers is very exciting for me,” Madonna commented. “I look forward to working closely with Neil and his team to create and translate my vision and ideas for MG Icon."

MG Icon’s first direct-to-consumer agreement is with Macy’s, Inc. for the Material Girl Collection. Hitting 200 Macy’s stores this August, Material Girl is a fast-fashion junior collection designed by Iconix’ fashion department in collaboration with Madonna and her daughter Lourdes. Retail prices will run from

$12 to $40. Mc Icon’s strategy for growth with the line includes adding new categories in 2011, as well as a roll-out into additional Macy’s stores. According to Iconix, as part of the agreement Macy’s will be able to launch additional brands with MG Icon in the future.

“We are excited to announce the first in a series of new brands that will be developed under our partnership with Madonna,” Neil Cole, chief executive officer and chairman of Iconix, stated. “Material Girl has a powerful retail partner in Macy’s and we look forward to working together to deliver an innovative launch for our consumers.”

“We believe that Material Girl will be a dynamic exclusive brand for Macy’s, and we look forward to working with Madonna, Lourdes and the Iconix team,” said Jeff Gennette, chief merchandising officer for Macy’s. “Madonna is a fashion icon who can bring a new dimension to our juniors customer. Material Girl will enhance the excitement of fast fashion at Macy’s.”

For further information, contact Iconix Brand Group, Inc. in New York City by calling (212) 730-0030.

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Published 03-11-2010 by Amanda Torres Price