 Ed Hardy Spring 2011 campaign |
Iconix paid $55 million plus a $7 million earn-out for this acquisition, which allows Nervous Tattoo to continue as a licensee for Ed Hardy t-shirts, hats and hoodies. The group estimates that the Ed Hardy brand will generate total annual royalty revenue of approximately $15-16 million.
Don Ed Hardy, commented, "I am thrilled that Iconix has assumed control of the brand. This is exactly what I had envisioned two years ago, when I first partnered with Neil and his team. Iconix has a proven track record and I trust my namesake brand in their hands and look forward to a bright future."
For the first quarter of fiscal 2011, Iconix saw its total sales shoot up 29% to more than 92 million dollars. Its growing portfolio includes brands such as Zoo York, Ocean Pacific, Marc Ecko and Candie's. Today, Ed Hardy is sold in over 40 countries and 30 different categories including swimwear, fragrances, energy drinks, home goods and bags.