Iconix Brand takes control of Buffalo David Bitton brand
Feb 4 (Reuters) - Iconix Brand Group Inc, known for its Candie's, Danskin and Waverly brands, said it took control of the Buffalo David Bitton brand from Buffalo International ULC for $76.5 million in cash.
Buffalo sells denim, sportswear, activewear and accessories through department stores including Macy's Inc and Dillard's Inc.
Under the deal, Iconix took a 51 percent stake in the brand and formed a joint venture with Buffalo International, which will be the core licensee for the joint venture.
The company also raised its full-year revenue and earnings per share forecast. It now expects to earn between $2.00 and $2.10 per share, up from $1.85 to $1.95 per share.
Iconix expects revenue of between $415 million and $425 million, up from $395 million to $405 million.