Iconix Brand Group Announces Definitive Agreement to Purchase Rocawear(R) Brand

* Rocawear founder and cultural icon Shawn 'Jay-Z' Carter to continue as

chief creative officer

* Iconix and Shawn 'Jay-Z' Carter to enter into separate equal joint

venture to explore additional brand development opportunities using the

Iconix model

Mar 06, 2007, 00:00 ET from Iconix Brand Group, Inc.

    NEW YORK, March 6 /PRNewswire-FirstCall/ -- Iconix Brand Group, Inc.
 (Nasdaq:   ICON) ("Iconix" or the "Company"), today announced that it has
 entered into a definitive agreement to purchase the brand Rocawear. The
 purchase price will be $204 million in cash with contingent payments of an
 additional $35 million of Iconix stock based upon the brand surpassing
 certain pre-determined performance thresholds over the next three to five
 years. Rocawear is a leading lifestyle apparel brand sold through better
 department and specialty stores with annual retail sales of over $700
 million. Rocawear co-founder Jay-Z will be in charge of all product
 development, marketing and licensing for Rocawear. Jay-Z's senior
 management team in licensing, marketing and product development will also
 join Iconix. He will retain his stake in the operating company that
 manufactures all of the Rocawear men's apparel and his two partners in that
 business, Alex Bize and Norton Cher, will continue to run that company and
 enter into a long-term license agreement with Iconix for the core young
 men's apparel category. Iconix is forecasting that the Rocawear brand will
 generate approximately $43 million in royalty revenue in its first twelve
 months under the Iconix umbrella.
     As part of the transaction, Iconix will also enter into a separate
 equal joint venture with Shawn Carter to establish a new brand management
 and licensing company that will identify brands to be acquired and/or
 developed across a broad spectrum of consumer product categories using the
 Iconix model. The first brand will involve Jay-Z and will be an eponymous
 luxury brand called "Shawn Carter Collection" which will debut in 2008.
     Neil Cole, Chairman and CEO of Iconix Brand Group commented, "This is
 the largest acquisition Iconix has made and Rocawear is a brand that is
 increasing in market share and has extraordinary potential for growth. The
 leadership team is already in place to fulfill our mission and we will
 maintain complete continuity within the business by having Jay and his team
 in charge of all product development, licensing and marketing. Jay and his
 partners in the operating company that manufactures all of the Rocawear
 men's apparel, Alex Bize and Norton Cher, will become our licensee for the
 core business. Iconix will add talent and resources that I believe will
 help make Rocawear a billion dollar global brand. This acquisition will be
 transformative for Iconix in terms of its scale, the diversification it
 brings to our portfolio of brands as well as having someone as talented as
 Jay-Z joining our company and the many synergies that could bring."
     Shawn Carter, co-founder of Rocawear, commented, "Iconix is pioneering
 a new brand management model and by combining Rocawear with their platform,
 my team and I can focus on our strengths in design and lifestyle
 marketing." Carter added, "I'm also looking forward to working with Neil
 Cole and the Iconix organization on other brand development opportunities."
     The purchase price for the acquisition will be paid by Iconix in cash
 from proceeds of a loan made to the Company by one or more affiliates of
 Lehman Brothers Inc. The acquisition is anticipated to close in March 2007
 and is subject to customary closing conditions including clearance under
 the Hart- Scott-Rodino Anti Trust Improvements Act of 1976, as amended.
     Iconix Brand Group Inc. (Nasdaq:   ICON - News) owns, licenses and
 markets a growing portfolio of consumer brands including CANDIE'S (R),
 FOG (R), MOSSIMO (R) and OCEAN PACIFIC (R). The Company has also entered
 into definitive agreements to purchase the brands DANSKIN (R) and ROCAWEAR
 (R). The Company licenses it brands to a network of leading retailers and
 manufacturers that touch every major segment of retail distribution from
 the luxury market to the mass market in both the U.S. and around the world.
 Iconix, through its in-house advertising, promotion and public relations
 agency, markets its brands to continually drive greater consumer awareness
 and equity.
     Safe Harbor Statement under the Private Securities Litigation Reform
 Act of 1995. The statements that are not historical facts contained in this
 press release are forward looking statements that involve a number of known
 and unknown risks, uncertainties and other factors, all of which are
 difficult or impossible to predict and many of which are beyond the control
 of the Company, which may cause the actual results, performance or
 achievements of the Company to be materially different from any future
 results, performance or achievements expressed or implied by such forward
 looking statements. Such factors include, but are not limited to,
 uncertainty regarding the results of the Company's acquisition of
 additional licenses, continued market acceptance of current products and
 the ability to successfully develop and market new products particularly in
 light of rapidly changing fashion trends, the impact of supply and
 manufacturing constraints or difficulties relating to the Company's
 licensees' dependence on foreign manufacturers and suppliers, uncertainties
 relating to customer plans and commitments, the ability of licensees to
 successfully market and sell branded products, competition, uncertainties
 relating to economic conditions in the markets in which the Company
 operates, the ability to hire and retain key personnel, the ability to
 obtain capital if required, the risks of litigation and regulatory
 proceedings, the risks of uncertainty of trademark protection, the
 uncertainty of marketing and licensing acquired trademarks and other risks
 detailed in the Company's SEC filings. The words "believe," "anticipate,"
 "expect," "confident," "project," provide "guidance" and similar
 expressions identify forward-looking statements. Readers are cautioned not
 to place undue reliance on these forward looking statements, which speak
 only as of the date the statement was made.
     Contact:  David Conn
               Executive Vice President
               Iconix Brand Group
               Joseph Teklits
               Integrated Corporate Relations

SOURCE Iconix Brand Group, Inc.