Brand management company sells luxury label to allocate resources to other large volume brands.

Iconix Brand Group has sold the rights to the Badgley Mischka IP to the brand's long-time footwear licensee Titan Industries for $16 million.

The deal was negotiated in partnership with the brand’s founders, Mark Badgley and James Mischka, and apparel licensee MJCLK.

“We have had a productive 11 years working with the Iconix team to build Badgley Mischka from its red carpet origins to a full lifestyle luxury brand,” says Badgley. “We are excited to manage our core product categories in-house and focus on the luxury aspect in both product and image.”

Iconix acquired the Badgley Mischka IP in 2004 and said it decided to sell the brand because "the time and resources required to support it are not in line with the rest of the company’s portfolio."

“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,” says Peter Cuneo, chairman and interim chief executive officer, Iconix. “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.”

Iconix, which is the world's fourth largest licensor according to License! Global's exclusive Top 150 Global Licensors report, currently boasts a portfolio of more than 30 brands.

“I am excited to be buying the Badgley Mischka brand,” says Joe Ouaknine, co-founder and chairman, Titan. “As the long-time footwear licensee, I have always had a special affinity for the brand, as well as Mark and James as the eponymous designers. Thus, I am thrilled to be partnering with the founders, Mark and James, and allowing them to regain ownership in their namesake brand.”