(Filed Under Fashion News). Iconix Brand Group Inc. announced today that it has acquired a 50 percent interest in Hardy Way, LLC, owner of the Ed Hardy brand and trademarks.
According to the company, Iconix paid a total of $17 million, comprised of $9 million in cash and $8 million in stock, for the interest in Hardy Way. In addition, the sellers could be entitled to receive an additional $1 million in stock pursuant to an earn-out based on 2009 royalties received by Hardy Way, which Hardy Way estimated will total at approximately $10 million.
Ed Hardy was founded by designer Don Ed Hardy in 1967, and is known for its tattoo-inspired lifestyle merchandise, which includes sleepwear, swimwear, fragrances and energy drinks, among other items. Since 2003, Nervous Tattoo, which is owned by Christian Audigier, has owned the Ed Hardy brand.
"As demand for my artwork continues to skyrocket, I felt it was time to take on a partner that could help me manage the demand and opportunities for the Ed Hardy name," Hardy said in a statement, "Iconix is at the forefront of brand management and clearly has the capabilities to dramatically grow the Ed Hardy business."
Neil Cole, chairman and CEO of Iconix added: "We are excited to have the opportunity to participate in the continued success of the Ed Hardy brand and believe there are tremendous growth opportunities worldwide. We also believe that by owning the brand alongside Don Ed Hardy%u2026there will be opportunities to further leverage his iconic name along with his new artwork."
Headquartered in New York City, Iconix Brand Group Inc. owns, markets and licenses intimate apparel and other consumer brands including Candie’s, Rampage, Joe Boxer, Roca Wear and London Fog, among others.see more
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