Iconix Brand Group has acquired a 51 percent interest in the Buffalo David Bitton brand from Buffalo International for $76.5 million in cash.
To acquire the trademark, Iconix formed a joint venture company with Buffalo International. The joint venture will be controlled by Iconix with Buffalo International acting as the brand’s core licensee.
Founded in 1985, the lifestyle brand Buffalo consists of denim, sportswear, activewear and accessories sold at department stores including Macy's, Dillard's and Lord & Taylor, as well as 30 stand-alone retail stores, primarily in Canada.
"The Bitton brothers have built a powerful lifestyle brand. We look forward to leveraging our licensing and brand management expertise to further grow the business and expand its retail footprint in the U.S. and Canada, as well as internationally," says Neil Cole, chief executive officer, Iconix Brand Group.