Iconix Completes Purchase of Chinese JV

Iconix Brand Group Inc. now has full control of its Chinese licensing operations. Iconix said it paid $56.4 million to its venture partner, Novel Fashion Brands Ltd., for the 50 percent of the venture it didn’t already own. Of the total, $40.4 million was paid in cash and $16 million in Iconix stock. Iconix formed the venture with Novel, owned by the family of Silas Chou, in 2008. Veronica Chou, the daughter of Silas Chou and a former private banker at Citibank, was named president of the JV shortly afterward. The transaction gives Iconix full control of the venture, which in turn owns equity stakes in two joint ventures with Shanghai La Chapelle, which recently went public; publicly traded shares in China Outfitters; equity stakes in six additional retail ventures, of which four have plans to go public in the next five years; control over a portfolio of 15 brands that have as yet not formed agreements for distribution through licensees, and an office in Hong Kong. “We view China as a major growth opportunity,” said Neil Cole, chairman and chief executive officer of Iconix. “Through Silas and Veronica Chou’s expertise and relationships, Iconix China has successfully launched nine of our brands with more

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