MUMBAI: Madonna and Iconix Brand Group have formed a joint venture company called MG Icon LLC, which will be owned 50% by Iconix and 50% by an entity controlled by Madonna and Guy Oseary. MG Icon will develop and explore business initiatives in the United States and around the world including the creation and acquisition of brands as well as exploring opportunities within the Iconix portfolio. This partnership marks Madonna’s first joint venture endeavor into the branding industry.
"Madonna is a legend in the world of music, fashion and entertainment and now with her deep involvement in MG Icon we will be able to leverage her vision into consumer products globally. Our strategy is to introduce brands formed through the joint venture in multiple countries and organically expand worldwide," said Iconix Brand Group CEO and chairman Neil Cole.
Madonna added, "Joining forces with Iconix to bring my fashion ideas to consumers is very exciting for me. I look forward to working closely with Neil and his team to create and translate my vision and ideas for MG Icon."
MG Icon has entered into an exclusive license and services agreement with Madonna allowing the use of Madonna’s name and personality in connection with apparel, footwear and other products. Madonna has agreed to provide creative services in connection with the development and promotion of the venture’s brands and opportunities.
MG Icon has inked its first direct-to-retail license agreement with Macy’s for the Material Girl collection. Material Girl is a newly created, fast-fashion junior collection that will launch exclusively in approximately 200 Macy’s stores in August 2010 for the back-to-school season.
The Material Girl collection was inspired and designed in collaboration with Madonna and her daughter Lourdes, along with Iconix Brand Group’s in-house fashion department. In addition to the back-to-school apparel collection, Material Girl will also launch in multiple categories including footwear, handbags and jewelry. The collection will retail from $12 – $40, comparative with pricing strategies at junior specialty stores. The strategy for growth will include additional categories in the lifestyle and beauty sectors, including fragrance, beginning 2011 as well as a rollout into additional Macy’s stores.