NEW YORK–Iconix Brand Group is landing yet another high-profile textiles brand with its deal for the Waverly brand.
The company has entered into a definitive agreement with NexCen Brands to buy Waverly for $26 million in cash. The purchase is expected to close in 30 days, and will put Waverly with Iconix’s other major home-textiles brands: Cannon, Charisma, Fieldcrest and Royal Velvet. According to an Iconix statement, Waverly is expected to generate royalty revenue of about $7 million over the next 12 months.
This year marks the 85th anniversary of the Waverly brand, which was launched in 1923. NexCen acquired the brand from F. Schumacher & Co., its longtime owner, in March 2007. In June of this year, NexCen announced that it was exploring the sale of both the Waverly and Bill Blass brands as part of the restructuring of its business.
In the Iconix statement, Neil Cole, chairman and chief executive officer, said adding Waverly to the company’s portfolio “reinforces [Iconix’s] commitment to the home industry. It allows us to establish new partnerships for Iconix with a diverse group of retailers from Lowe’s to J.C. Penney to Jo-Ann Fabrics within the home category.”
