Icon Brands Sold to ICGH, Delaware-Based Venture Capital Firm
VAN NUYS, Calif. -- Icon Brands has been substantially purchased by the newly formed Venture Capital group, Icon Capital Group Holdings, a Delaware LLC.
Jim Carson, a spokesman for ICGH, said, "we were extremely impressed at how quickly Icon was able to ramp up and do substantial numbers. They were able to turn the 20-year-old Falcon brand into a powerhouse line in less than a year, with the sharpest re-packaging and re-marketing effort we've ever seen in the category."
Carson added, "We also like what Icon did in the fashion/fetish space with its beautiful 'Fashionistas' line, and we're impressed with their Eat/Play/Love edibles and Velvet Plush silicone; we think it's a broad-based product range that's a great platform to grow from."
Icon had released more than 250 SKUs at the time of the sale, in little more than two years of shipping. The company's sales team, Joanie Lee and Jenny Tse, will remain in place, as will its award-winning design and product development team. Some licenses will be replaced and major announcements will be made before the Adult Novelty Manufacturers Expo in July, the group indicated. But now it has made it a top priority to replenish the stock on items that had sold through during the transition.
The National Sales Manager Joanie Lee said, "These changes are never as fast and smooth as you'd like, but the new finance team has been excellent, and we're very excited about the possibilities ahead."
All contact numbers remain the same for the Icon offices and sales team, in addition to the firm's Van Nuys address.