Iconix Brand Group, Inc. (ICON) announced yesterday that it has renewed three separate direct-to-retail license agreements for its Candie’s, Fieldcrest and Waverly brands.
The exclusive multi-year license agreement for Candie’s, the junior lifestyle brand, has been renewed with Kohl’s Corporation (KSS), who has held Candie’s license since 2005. The terms of the agreement will be similar to the terms of the original agreement. Kohl’s will continue to distribute Candie’s apparel, accessories and lifestyle products in its stores and at kohls.com through the year 2016.
The company has also renewed direct-to-retail license agreements for two of its home brands, Fieldcrest and Waverly. Fieldcrest will continue to be sold exclusively at Target Corporation (TGT) through 2015. The bed and bath products of the Fieldcrest brand have been licensed exclusively to Target since 2005.
Furthermore, the exclusive license for Waverly Home Classics paint will also continue with Lowe’s Companies, Inc (LOW). Lowe’s has been the exclusive distributor of Waverly Home Classics paint since 2003. The terms of each of these renewals are almost similar to the terms of the original agreements.
Iconix currently has 17 direct-to-retail deals with a variety of retailers in the U.S. and internationally. With these renewals, the company is expected to have approximately $600 million in contractually guaranteed royalties.
Iconix Brand owns, licenses and markets a portfolio of consumer brands. The company licenses its brands to a network of leading retailers and manufacturers that cater to every major segment of retail distribution from luxury market to the mass market in both the U.S. and worldwide.
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