Marc Ecko Forced to Sell Control of His Label
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What do the brands London Fog and Mossimo have to do with fashion mogul Marc Ecko? After this week, they’ve become one in the same. Or rather, all under one big umbrella, as the designer, known for his love of spending lavishly, has been forced to sell off the majority stake in his company to the Iconix Brand Group. This comes after more than a year of Ecko struggling to pay creditors, laying off staff, and trying to sell off portions of his holding to stay afloat, which most are attributing to both the economic crash of the past couple of years and the designer’s history of writing more checks than he probably should have been. Here’s from the NY Post, which announced the news with the headline “Ecko Slam-Dunked“:
“I’ve had a crazy, wild ride. I’ve done a lot of things that have been naive,” Ecko told The Post. “I’ll take my lumps for a lot of things that, in retrospect, were a little indulgent. Life happens. I don’t regret any of it.”
The designer will be staying on as the company’s top creative officer, but will no longer have complete control in guiding the company. Yet despite what Ecko’s new owner’s CEO may be saying about revenue and earnings being way up, Iconix itself hasn’t been having the best week either, following the company’s release of its reportedly disappointing 2010 financial forecast.
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