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Wednesday, February 20, 2013

Iconix picks up Lee Cooper; raises FY 2013 forecast, (NASDAQ: ICON)

Iconix Brand Group Inc acquired British denim label Lee Cooper to grow its international business and raised its 2013 forecast to reflect the new business.Iconix, which licenses shoe and clothing brands to retailers and manufacturers, said it paid $72 million in cash for the Lee Cooper brand."(The purchase) is an opportunity to take what is largely a British brand and bring it into the United States," C.L. King & Associates analyst Steven Marotta told Reuters, adding that the purchase fits with Iconix's strategy for greater international exposure.Iconix has attempted to grow international sales over the last four years through a series of brand acquisitions and joint ventures in China, India, Europe and Latin America.

Iconix Brand Group, Inc. (Iconix) is a brand management company engaged in licensing, marketing and providing trend direction for a portfolio of consumer brands. Shares of ICON fell by 2.57% or $-0.63/share to $23.91. In the past year, the shares have traded as low as $14.27 and as high as $24.92. On average, 567552 shares of ICON exchange hands on a given day and today's volume is recorded at 438698.