Iconix Brand unloads Sharper Image

Iconix Brand Group has sold the rights to the Sharper Image brand and related intellectual property assets to the company that recently bought FAO Schwarz from Toys “R” Us.



Iconix sold Sharper Image to ThreeSixty Group, which manufactures and distributes toys and other consumer products to stores nationwide, for $100 million in cash. ThreeSixty is also Sharper Image’s largest licensee.



Sharper Image filed for Chapter 11 bankruptcy protection in 2008 and subsequently closed its stores nationwide. It continued to sell online and through other retailers. In 2011, Sharper Image’s brand and intellectual property assets were acquired by Iconix for $65.6 million in cash.



"Sharper Image is a strong and widely recognized brand, however, consistent with the vision we outlined during our recent investor day, Sharper Image did not fit into our go-forward strategy,” said John Haugh, CEO of Iconix. “After careful consideration, we determined that we could better leverage our resources and generate greater returns by focusing on other areas of the business.”



Haugh said the sale generates a significant return on Iconix’s investment, and allows the company to make “progress on de-levering the balance sheet, which is a top priority.”



Sharper Image is the second brand that Iconix sold this year. In March, the company sold Badgley Mischka.



Iconix owns, licenses and markets a portfolio of consumer brands including Candie’s, Joe Boxer, Rampage, Mossimo, Danskin, London Fog and Fieldcrest and many others.