Mar 10, 2010
Iconix ties up with Madonna to launch fashion brands
Mar 10, 2010
March 10 (Reuters) - Iconix Brand Group Inc (ICON.O) said it formed a joint venture with pop icon Madonna to launch fashion brands in the United States as well as in international markets.
The joint venture, called MG Icon, will be 50 percent owned by Iconix and 50 percent by Madonna and Guy Oseary, her long-time manager.
MG Icon has an exclusive license and services agreement with Madonna to use her name for apparel, footwear and other products.
The joint venture will also announce a direct-to-retail agreement with Macy's Inc (M.N) imminently, Iconix said.
Madonna is best known for her hit singles like "Like a Virgin" and "Material Girl."
Iconix owns and licenses brands including Candie's, Joe Boxer and Badgley Mischka, and has licensing deals with retailers like Target Corp (TGT.N), Wal-Mart Stores Inc (WMT.N) and Kohl's Corp (KSS.N).
"Our strategy is to introduce brands formed through the joint venture in multiple countries and organically expand worldwide," Iconix Chief Executive Neil Cole said.
Shares of New York-based Iconix closed at $15.26 Tuesday 9 March on Nasdaq. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anne Pallivathuckal)
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