Iconix Brand Group and Falic Group Join Forces to Create Iconix Latin America
Iconix Brand Group and Falic Group Join Forces to Create Iconix Latin America January 7, 2009 NEW YORK, Jan. 7 /PRNewswire-FirstCall/ -- Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix") today announced that it has entered into a joint venture with New Brands Americas LLC ("New Brands") to further develop and exploit the Iconix brands in Latin America. New Brands is a member of The Falic Group, a Florida based consortium owned and operated by Simon, Jerome and Leon Falic. The joint venture company, Iconix Latin America, will focus on maximizing royalty revenue via existing and new licensing agreements for the Iconix portfolio of brands in Mexico, Central America, South America, and the Caribbean, which today number 16. In exchange for $6 million plus other commitments, New Brands received a 50% interest in the joint venture, which will also have an option to purchase rights to future brands acquired by Iconix. Neil Cole, Chairman and CEO of Iconix, commented, "We are pleased to announce the formation of Iconix Latin America with The Falic Group. The Falic brothers have extensive expertise and contacts in the Latin American market. Having locally based partners with knowledge of the different cultures and markets that comprise this region will significantly accelerate the growth of our brands throughout this territory and help us maximize revenue from our existing licensing base in Latin America. Different from our joint venture in China, Iconix Latin America will be run as a traditional licensing business with near-term revenue opportunity." Leon Falic, President of New Brands, commented, "This exciting venture will enable us to capitalize on the ever growing Latin American market for proven U.S.
[Show full text]