06 May Iconix Inks Deal To Sell Umbro China
Iconix Brand Group Inc. reported in a regulatory filing that it entered an agreement to sell Umbro China Ltd to HK Qiaodan Investment Ltd for $62.5 million.
The Umbro China sale includes the sale of the Umbro sports brand in China, Hong Kong, Taiwan, and Macau. The sale is anticipated to close on, or prior to, September 15, 2020, subject to the satisfaction, or waiver, of customary closing conditions. Iconix said it anticipates using the net proceeds from the Umbro China Sale to repay amounts due under its existing financing arrangements, and otherwise, for general corporate purposes.
Iconix acquired Umbro from Nike in 2012.
Iconix Brand Group owns, licenses and markets the following brands: Candie’s, Bongo, Joe Boxer, Rampage, Mudd, Mossimo, London Fog, Ocean Pacific, Danskin, Rocawear, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter, Waverly, Zoo York, Umbro, Lee Cooper, Ecko Unltd., Marc Ecko, Artful Dodger, and Hydraulic. In addition, Iconix owns interests in the Material Girl, Ed Hardy, Truth Or Dare, Modern Amusement, Buffalo, and Pony brands.