Iconix Hires J.P. Morgan to Find a Buyer: Sources

by · WWD
Looks from Salt Life.Courtesy of Iconix

Iconix International, the brand management pioneer that made its name — and a potent new business model — by consolidating fashion brands under one asset-lite umbrella, might just be consolidated itself.

Three sources said Iconix, owner of Umbro and a host of other brands, has hired bankers at J.P. Morgan to find a buyer. The bank has been shopping the business around to the other brand management companies, although it’s still unclear where it might land.

Iconix did not respond to WWD requests for comment on Friday. J.P. Morgan declined to comment.

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Lancer Capital took the company private in a 2021 deal valued at $585 million, including debt. The investment firm is led by Avram Glazer, whose family holds majority stakes in both the Manchester United soccer club and Tampa Bay Buccaneers football team.

Bob Galvin, who stepped in as chief executive officer of Iconix in 2018, stayed on to lead the company after the deal and has been busy cleaning up the business and bringing on new brands.

Galvin expanded the company’s credit facility with private equity giant Apollo last year and used it to pay off a securitization financing facility, which had been outstanding since 2012.

The move was an important one as the financing was secured by the North American licenses and royalties of a group of the company’s brands, limiting how Ed Hardy, Starter, Danskin, Ocean Pacific, London Fog, Mossimo, Zoo York, Rocawear and its home brands could be developed in the market.

Now Iconix is free to form partnerships and arrange collaborations with the brands in North America.

Sources singled out Umbro as the most promising one at the company, which as of 2025 drove retail sales of about $6 billion.

Another potential growth vehicle is Salt Life, which was acquired out of bankruptcy in 2024. The water lifestyle brand’s retail sales doubled to nearly $100 million during its first year owned by Iconix. Galvin called the business a $500 million opportunity.

Exactly who is going to seize the opportunity at Iconix remains to be seen.

One source said the company had been in talks with brand management leader Authentic Brands Group, but that a deal never came together and then J.P. Morgan started looking at a broader pool of buyers. Another source said neither WHP Global nor Marquee Brands was interested.

There is some buzz that a buyout could be close and with a price tag of over $1 billion, but that number has been met with a fair bit of skepticism from informed sources.

The brand management companies are looking for scale, but have lately been focusing on bigger, higher-profile brands that can be developed in new ways, not necessarily a group of smaller ones.

In a move toward designer luxury, Marquee bought Roberto Cavalli and WHP snatched up Marc Jacobs in partnership with G-III Apparel Group.

And Authentic is always busy — and thinking big. The company, which has plans to more than double its business to $100 billion in retail sales over five years, cut a $1 billion deal to buy Lee jeans in May and has been plotting an IPO. Additionally, The Wall Street Journal reported on Thursday that the company had expressed interest in buying Barbie-maker Mattel in a potential $6 billion deal.