Iconix Brand Group has amped up its kids entertainment presence by reaching an agreement with American Greetings to acquire its decades-old Strawberry Shortcake brand for $105 million. The deal, which encompasses the brand and all related assets — such as its 350+ licensees — is expected to close in the next 30 to 45 days.
Iconix plans to grow the brand on a global scale, as revenue outside of the U.S. accounts for about half of its total sales. Strawberry Shortcake is particularly popular in Brazil (as “Moranguinho”) and France (as “Charlotte aux Fraises”). The company is looking to grow its entertainment portfolio, which includes the 2010 acquisition of the Peanuts brand in partnership with the estate of creator Charles Schulz.
