New York—The upswing in athleisure trends continues to be felt, even in acquisitions. Iconix Brand Group, Inc. today announced that it has acquired the North American rights to the athletic brand PONY in partnership with Anthony L&S Athletics, LLC for $37 million in cash from Symphony Holdings, Ltd..
The assets will be purchased through a newly formed subsidiary, which will be owned 75% by Iconix and 25% by AL&S. Iconix also has the option to expand global ownership of the brand and acquire the PONY assets in additional territories.
“Sports has been one of the strongest and fastest growing segments of our portfolio, and a business that has proven to be truly global in its appeal,” said Neil Cole, Iconix chairman/ceo.”With the addition of PONY, we believe we can leverage our existing sports platform including our Danskin, Starter and Umbro brands, which represent over two billion of global retail sales, and create significant value for the brand.”
‘Authentic Athletic Brand’
Formed in 1972 in New York City, PONY became a leading athletic footwear brand worldwide appearing on professional athletes in the World Cup, NBA, NFL, MLB and Boxing. Bridging the gap between on the move, on the court, downtime and after hours, PONY has the consumer covered from fashion to function.
“There is high demand for authentic athletic lifestyle brands,” added Seth Horowitz, chief operating office at Iconix. “With PONY’s strong brand recognition across both male and female consumers, we believe we can grow PONY throughout North America, creating a profitable multi-tiered distribution strategy similar to our other successful sports brands. Further, we plan to leverage our existing global platform as we explore opportunities in additional geographies.”
In exchange for its 25% interest in the partnership, AL&S contributed its previously held perpetual rights to the PONY brand in the U.S. and Canada and will be the core footwear licensee going forward.
Details of this transaction will be discussed on Iconix’ fourth quarter and full year 2014 earnings conference call.