Iconix Brand Group has acquired the remaining 50 percent of Iconix Latin America from its joint venture partner, New Brands Group, for $42 million.
Since the formation of Iconix Latin America in December 2008, royalty revenue from the company's portfolio of brands has more than quadrupled in the region with strong growth in Brazil, Mexico, Chile and across Central America.
With this move, Iconic plans to move from its current centralized licensing model in the region to a multi-market model that will better capitalize on the opportunities in regionals markets.
"We are excited about our international growth and the acquisition of the remaining interest of Iconix Latin America,” says Neil Cole, chairman and chief executive officer, Iconix Brand Group. “Through organic growth and the recent acquisition of Umbro, we believe our business has reached critical mass in the Latin American marketplace. Going forward we will be able to focus on the unique business environment of each country in the region as we continue to grow the local presence of our portfolio of brands. International expansion is a key part of our overall organic growth strategy, and we look forward to continuing to build our global footprint."