February 4, 2013 / 1:40 PM / in 5 years

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.

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