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Don Ed Hardy Brands
In 2002, Hardy was approached by Ku USA, Inc. to produce a line of clothing based on Hardy's art and a licence agreement was signed. Within two years, the collection had drawn the interest of Saks companies. Hardy and Ku USA formed Hardy Life LLC, which holds the trademark ownership as well as the copyrights to all his images.
In 2004, Christian Audigier licensed the rights to produce the high-end Ed Hardy clothing line, which is based on Hardy's imagery. Prior to the Ed Hardy clothing line, Audigier was the Head Designer at Von Dutch Originals, which marketed the imagery of Kenny Howard. Audigier has attempted to replicate the marketing techniques employed by Von Dutch Originals, by marketing directly to celebrity clients and by opening stores in high profile fashion districts. Ed Hardy stores are located in many locations internationally including the Americas, Europe and Asia
In May 2009, Iconix Brand Group, Inc. announced that the Company has acquired a 50% interest in Hardy Way, LLC, the owner of the Ed Hardy brand and trademarks. The Company paid $17 million for its interest in Hardy Way, consisting of $9 million in cash and $8 million in stock. In addition, the sellers could be entitled to receive an additional $1 million in stock pursuant to an earn-out based on 2009 royalties received by Hardy Way. Hardy Way estimates that 2009 royalty revenue will be approximately $10 million.
Neil Cole, the Chairman and CEO of Iconix Brand Group, stated, "We are excited to have the opportunity to participate in the continued success of the Ed Hardy brand and believe there are tremendous growth opportunities worldwide." Mr. Cole added, "We also believe that by owning the brand alongside Don Ed Hardy, the founder, there will be opportunities to further leverage his iconic name along with his new artwork."
Don Ed Hardy commented, saying, "As demand for my artwork continues to skyrocket, I felt it was time to take on a partner that could help me manage the demand and opportunities for the Ed Hardy name. Iconix is at the forefront of brand management and clearly has the capabilities to dramatically grow the Ed Hardy business. I'm thrilled to have them as a partner."
Jan. 21, 2010
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