In a move that significantly boost its presence in the kids and youth space, Iconix Brand Group has inked an agreement to acquire the Strawberry Shortcake brand from American Greetings for US$105 million.
The transaction, which includes the brand and all related assets, is expected to close in approximately 30 to 45 days.
According to Neil Cole, chairman and CEO of Iconix Brand Group, Inc., the entertainment sector is an area of growth for the brand-management company, which bought the rights to the Peanuts brand in partnership with the estate of Peanuts creator Charles Schulz in 2010. With the acquisition of the Strawberry Shortcake IP, the company has plans to grow the brand on a global scale.
Iconix notes that the IP has a strong international business in particular, with revenue outside of the US accounting for roughly 50% of total sales. Strawberry Shortcake’s two largest international markets are currently Brazil and France, where the brand is recognized as a local brand, marketed as Moranguinho in Brazil and Charlotte aux Fraises in France.
Strawberry Shortcake made her debut 35 years ago and has since grown into a global brand, with more than 350 licensees.