Iconix Brand Group, Inc. signed an exclusive direct-to-retail license agreement with Wal-Mart for its Ocean Pacific and OP brands for distribution of a broad range of apparel and accessories in the United States. The agreement also grants Wal-Mart rights to use the brands in Brazil, China and India, and provides for the possible addition of license rights for other international territories in the future. The targeted launch date for the U.S. is Spring/Summer 2008.
Neil Cole, Chairman and CEO of Iconix commented, “Ocean Pacific is a wonderful brand with over thirty year of heritage and we are excited that the world's largest retailer, Wal-Mart, will now bring this global brand to the broadest audience of consumers in its history. We are looking forward to working with Wal-Mart to continue to develop Ocean Pacific into a year round lifestyle brand that we are confident will resonate deeply with the Wal-Mart customer.”