NEW YORK, March 2, 2016 /PRNewswire/ — Iconix Brand Group, Inc. (Nasdaq: ICON) (“Iconix” or the “Company”) today announced that it has sold the rights to the Badgley Mischka IP to Titan Industries, Inc. (“Titan”) in partnership with the brand’s founders, Mark Badgley and James Mischka, and the apparel licensee MJCLK LLC for $16 million in cash.

Iconix acquired the Badgley Mischka IP in 2004, and the Company has decided to sell the brand since the time and resources required to properly support it are not in line with the rest of the Iconix portfolio. Today, Iconix has a portfolio of over 30 brands, and the Company is focused on those brands that generate significant volume through both direct-to-retail relationships and global networks.

Peter Cuneo, Chairman and Interim CEO of Iconix, commented, “As part of the comprehensive review that we have been conducting over the past several months, we have been evaluating each brand in the portfolio and have been identifying where our time and resources are best spent. Badgley Mischka is a strong brand, and we believe it is in good hands with Mark, James, and Titan. However, we felt that it was in the best interest of our Company to divest this non-core asset and allocate our resources to our larger volume, higher margin brands. We expect to continue to evaluate opportunities to further rationalize the portfolio and maximize shareholder value.” Read more here.