Iconix announced that it would increase its ownership of Zoo York to 100%.
Currently, the company owns 51% controlling interest in the brand and is planning on acquiring the remaining 49% for $18 million.
Since taking control of the brand in late 2009, Iconix has partnered with Li & Fung for the core sportswear and has expanded Zoo York’s distribution into large-scale department stores including J.C. Penney and Kohl’s.
The company believes it is well-positioned to expand the brand in the U.S.
In addition, the company announced its second quarter 2011 results with adjusted earnings of 45 cents a share, which soared 19.4% from 36 cents a share in the year-ago period.