Designer Marc Ecko Sales Controlling Shares of Company To Iconix
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Hip hop fashion desiger mogul Marc Ecko made last week with selling 51 percent interest in the Marc Ecko brand to Iconix, a New York company who’s knee deep in fashion brands such as Joe Boxer, Candie’s, Rocawear and London Fog.
The news of the sell was confirmed Tuesday, October 27.
Ecko opted to this deal to avoid bankruptcy. The terms of the deal seem to be very simple, Ecko will surrender majority control of his trademark in exchange for $63.5 million in cash plus $90 million in financing for a newly formed joint venture.
In addition to the millions in cash and in financing, Iconix will keep Ecko on as chief creative officer for the joint venture, projects between $42 million and $44 million in yearly royalties.
Not bad!
