Good news for Pharrell Williams. He’s back in full control at the Billionaire Boys Club.
Pharrell and his partners from BBC Miami have repurchased Iconix Brands Group Inc.’s 50 percent interest in BBC Ice Cream LLC, owner of the Billionaire Boys Club and Ice Cream streetwear brands.
An Iconix spokeswoman acknowledged the ownership shift and said, “The sale of our interest in BBC and Ice Cream was a strategic decision to rationalize smaller noncore assets in the Iconix portfolio, allowing us to focus our time and resources on the larger cash flow generating brands. BBC and Ice Cream represented less than 1 percent of our total business.”
Iconix has been struggling to regain its balance.
The company has until June to complete a refinancing of a $300 million debt obligation and is also the subject of an investigation by the Securities and Exchange Commission.
This is a chance for a fresh start for Williams with the brands.
According to Pharrell’s spokeswoman, the musician and his partners sought the opportunity to reacquire full control of the brands to continue their expansion, growth and licensing opportunities.
BBC is sold in boutiques and department stores globally and has flagships in New York City, London and Tokyo.
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