Iconix Strengthens Candie's Brand in China

Iconix China Limited, a 50-50 joint venture between Iconix Brand Group and Novel Fashion Brands, has partnered with Shangai La Chapelle Garment and Accessories and private equity firm Trust Bridge Partners to open free-standing specialty and franchise Candie's stores across Greater China.

The first free-standing Candie's store will open this August in Shanghai, followed by a total of 50 openings by the end of the year in Shanghai. Beijing, Chongjing and other cities. Within the next five years, Iconix plans to open more than 500 Candie's stores throughout China.

With this new agreement and the recent acquisition of the Peanuts brand, Iconix's presence in Greater China is predicted to grow to approximately 1,700 stores and more than 3,300 other points-of-sale in the next three years. The Peanuts brand's presence in Greater China includes 700 Snoopy Stores, Charlie Brown Cafes and Snoopy Bakeries.

"We are extremely pleased with the early progress of our current partnerships in China for Rampage, London Fog, Rocawear and Badgley Mischka, and excited about our new business with Candie's and the well established business of Peanuts in the region," says Neil Cole, chief executive officer of Iconix Brand Group. "We see China as a key part of Iconix's long-term growth that is not factored in our goal of 15 percent to 20 percent growth. Between the five deals we have signed in China plus the Peanuts business, we project our brands to grow to 5,000 stores and shop-in-shops in China within the next three years."