Iconix Buys Ed Hardy Worldwide Rights for $55 Million
Watch out, world—here comes Ed Hardy.
Christian Audigier's Ed Hardy line is poised for global dominance after selling its worldwide rights to Iconix Brand Group Inc. for $55 million plus a $7 million earn-out, WWD reports.
Iconix, which also owns Madonna's Material Girl line and Badgley Mischka, among others, acquired the rights from Audigier's Nervous Tattoo company, which will stay on as a licensee of the brand's hats, hoodies, and tees after pre-paying $7 million in royalties.
The fashion group now owns an 85 percent stake in the company, famed for its tattoo-style, graphic-print designs inspired by San Francisco tattoo artist Don Ed Hardy, who owns the remaining 15 percent share.
"The brand has an extremely high level of consumer awareness in the United States as well as [a] very strong international business, and we believe our company will be able to add real value," Neil Cole, Iconix chairman and CEO, tells the paper.
Under the deal, Iconix will have the right to license assorted Ed Hardy products all over the world (much to the relief of the Italy-bound Jersey Shore cast, we're sure).
