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April 6, 2018
NORTH AMERICA–Iconix Brand Group announced that Walmart has elected not to renew its DanskinNow license, which is a diffusion of the Danskin brand, beyond January 2019.
According to Iconix, royalty revenue for the Danskin brand is estimated decline roughly $15.5 million in 2018. Longer term, the transition will provide opportunity to re-launch and expand the core Danskin brand. Danskin will continue to be distributed to retailers including Lord & Taylor, Costco and TJMaxx.
Most recently, Iconix partnered with The Moret Group to create a capsule collection for the Danskin brand that would benefit the Breast Cancer Research Foundation. The brand also partnered with Dreamwear for women’s loungewear, sleepwear, intimates and shapewear; as well as with JoJo Siwa, making the brand’s first-ever co-branded collection for kids.
Additionally, the brand management company has forecasted that it will unlikely be in compliance with its financial debt covenants in 2018. As a result, Iconix has engaged in discussions with lenders to provide relief of its debt covenants and amend its senior secured loan. Iconix has also agreed to reduce its credit facility by nearly $75 million to $225 million.
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