Exclusive high-end apparel label Artful Dodger has been acquired by Scion, a joint venture between Iconix Brand Group and Shawn ‘Jay-Z’ Carter for $15m in cash.
The brand is currently sold in boutiques and specialty stores like Harvey Nichols in the UK, as well as in the US.
In connection with the purchase, according to CNN Money, Scion has sealed a multi-year licence with Signature Apparel Group for Artful Dodger men and women’s sportswear. Scott Langton, the founder, creative director and head designer of Artful Dodger, will join Signature Apparel Group in this capacity.
Scion is also currently evaluating a number of licensees beyond the core sportswear line including footwear and outerwear to move Artful Dodger in lifestyle brand territory.
“Artful Dodger is the perfect deal to launch Scion as we look for brands that have the potential to become lifestyle brands,” said Neil Cole, chairman and CEO of Iconix. “The combination of Scott’s design talent and the marketing strengths of Jay-Z and Iconix will create exciting growth opportunities for the brand including distribution at high-end department stores and expansion into new product categories.”