Iconix focused on direct-to-retail licensing
Powell Slaughter -- Home Textiles Today, October 14, 2008
New York – Royal Velvet is off to a good start at Bed Bath & Beyond, and Iconix Brand Group’s recent acquisition of Waverly will help the brand company grow its home business, its chief said this morning.
Iconix chairman, president and ceo Neil Cole noted that Waverly gives the company a relationship with Lowe’s and brings its number of direct-to-retail licensing agreements with Target to three. (Fieldcrest and Mossimo are the others.)
“We think [direct-to-retail] is the model for the future,” Cole said during today’s address at the Wachovia Securities 2008 Consumer Growth Conference.
He added that Iconix expects to derive 60% of its revenues from direct-to-retail licensing arrangements in 2009. DTR currency generates 50% of Iconix’s revenues, which are projected to reach $250 million this year.
Now the owner of 17 apparel and home brands, Iconix plans to add more. “When the world gets back to some sort of normalcy, then we will be acquisitive again,” he said.
Iconix is also working on a brand launches in China next year and has begun exploring joint venture opportunities in South America, said Cole. “We have pretty good relationships with the major retailers in the country, and we’re working on the world.”
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