Iconix acquires The Sharper Image brand
Home Textiles Today Staff -- Home Textiles Today, 10/27/2011 1:16:30 PM
New York -- Iconix Brand Group Inc. has added a 28th brand to its rapidly gorwing roster with the recent inking of a definitive agreement for the company to acquire The Sharper Image brand and the intellectual property assets from Sharper Image Acquisition LLC.
Priced at approximately $65.6 million in cash, this purchase marks Iconix's first entry into the consumer electronics sector.
But Sharper Image's brand has long legs beyond its consumer electronics roots, with a broad assortment of product categories donning its label via license partnerships such as London Luxury for home textiles. The spectrum of goods are sold nationwide at better department and specialty stores and direct to consumer through the Sharper Image catalog and e-commerce website, www.sharperimage.com.
Iconix described Sharper Image as "a respected brand in the consumer electronics industry with over 85% brand recognition, and is best known for its innovative products. This will be a seamless transition for [Iconix], as Sharper Image operates under a licensing business model."
The Sharper Image brand is expected to generate about $12 million to $13 million in annual royalty revenue through a variety of categories, including audio and video electronics, travel gear, personal home products, kitchen and bath accessories, massage products, air purification products and giftables.
"This is an exciting acquisition for Iconix," said Neil Cole, Iconix's chairman and ceo. "With the addition of the Sharper Image brand, we continue to demonstrate the diversification of our business model and strength of our company. We always believed that the Iconix platform could be leveraged across numerous industries and this acquisition reinforces that message."
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