Iconix Brand Group Acquires Lee Cooper for $72M in Cash
Iconix Brand Group (NASDAQ: ICON) ("Iconix" the "Company") today announced that it has acquired Lee Cooper, a global lifestyle brand with over a 100-year heritage for $72 million in cash. The brand was acquired through the Company's Luxembourg subsidiary, Iconix Luxembourg Holdings Sarl.
Founded in 1908, Lee Cooper is an iconic British denim brand that has expanded into multiple lifestyle categories including men's and women's casual wear, footwear and accessories. Today, Lee Cooper is a pure licensing business with a strong group of 35 international licensees, including Landmark in the Middle East and Future Group in India, that are expected to generate approximately $14 million in annual royalty revenue in 2013. The brand is sold in over 80 countries, predominantly in Europe, Asia and the Middle East and represents approximately $500 million in annual global retail sales.
Neil Cole, CEO, Iconix Brand Group, Inc., commented, "We are excited to add another truly global brand to our portfolio and expect with the addition of Lee Cooper, our international business to represent approximately 33% of our overall business in 2013. With Lee Cooper's portfolio of international licensees we look forward to leveraging these new relationships to