The LVMH of streetwear. A roll-up of heritage streetwear and leather-goods brands, relaunched through one operating platform and an owned live-shopping channel.
Base case Year 3 royalty ARR
Year 3 EBITDA margin, entering Iconix's own 51-59% comparable range
Sensitivity band on Year 3 royalty ARR
Three years of royalty cash flow does not, by itself, clear a $50M invested basis. The return case leans on the appreciating value of the acquired trademarks (Comparable Transactions, later in this deck) across a five-year-plus hold, not a fast royalty payback. Full model on the Pro Forma slide.
The culture that created streetwear now drives global fashion, and the biggest luxury houses chase it every season. Yet a generation of iconic heritage streetwear labels sit dormant, undervalued, and acquirable. They have the one thing money cannot manufacture: real cultural equity.
Names people already know and trust, built over decades.
Dormant or underinvested IP, acquirable at a fraction of peak value.
No one has rolled these up with a modern operating and distribution platform.
Gen Z is buying the archives. Nostalgia is the fastest-growing lane in fashion.
Culture-first commerce lets us sell direct, not rent attention.
A fragmented category with no consolidator. That is the whitespace.
Heritage streetwear IP is dormant and undercapitalized. Acquisition multiples are low, and sellers are motivated.
Luxury pays enormous premiums to borrow the culture these brands own outright. We buy the source, not the license.
Live shopping and social commerce let an operator sell direct to the culture, capturing margin the old wholesale model gave away.
An operator team that knows these brands, the culture, and the relationships, not a financial buyer learning on the job.
One holding company, shared design, sales, and distribution across a portfolio. The LVMH playbook applied to streetwear.
The brand-management model is proven and the assets are cheap. What no one has done is run it with a channel and a media house attached. That is the opening.
Iconix proved the structure this company is built on: buy dormant brand IP at the bottom of its cycle and earn across categories and territories instead of through one storefront. It is also the clearest case study in what that structure cannot do on its own.
Acquire heritage IP cheaply while it is dormant, then monetize it across categories and territories. Every brand we acquire lands on a platform that can sell it directly on day one, and licensing gets negotiated from proof, not hope.
Iconix brought the three original founders back to design a capsule. The press covered it; the brand did not sell. It went out through the same wholesale doors that had already stopped betting on the name. No channel of its own, no lever besides renting a logo.
Selling direct returns a first-party read on every drop across the whole portfolio. That data prices the next acquisition and sharpens the next release. A licensor never sees it.
Our CCO, Kevin Saer Leong, is inside Iconix today reviving Rocawear, built on the commercial playbook Phat Farm proved. Rocawear hit $700M in sales; Iconix bought it for $204M in 2007. That relationship is how Zoo York gets negotiated, not cold outreach.
Zoo York remains a defined acquisition target and is not an owned asset. Current ownership and availability are to be confirmed in diligence.
7.5% blended: 6% product royalty plus 1.5% advertising royalty, on licensee net wholesale sales. Sits inside Iconix's own disclosed 5-7% product plus 1-2% advertising band, not at the top of it.
Largely guaranteed minimum royalties (GMRs), not pure sales-percentage exposure. This is the same structure that let Authentic Brands Group show $2.6B-plus in contracted future GMRs against about $489M of 2020 revenue.
Iconix itself ran 51-59% Adjusted EBITDA margins in 2019-2020 on this exact structure. Near-zero capex once a brand is licensed out.
Shameless Brands does not manufacture or sell. It licenses each trademark by product category to separate operating companies, apparel, footwear, eyewear, and so on, each carrying its own manufacturing and distribution risk.
Heritage IP is cheapest when it is dormant and the seller is tired. That entry is what the brand-management model was built on, and the window is open again.
A name that is properly held works in apparel, footwear, accessories and licence, in more than one market at once. Revenue comes from the breadth of the estate.
Licensing alone leaves a brand at the mercy of whoever holds the licence. Selling direct shows us what actually moves, and every licence gets negotiated from proof.
One platform, many brands. Shared services and a channel of our own turn each acquisition into a margin-expanding, multiple-expanding asset. The structure is proven; the channel is what has been missing.
Eli Gesner co-designed Phat Farm at its 1992 launch. A year later he reunited with his SHUT Skates collaborators Rodney Smith and Adam Schatz to build Zoo York, skate culture, graffiti, and hip-hop from the same downtown scene, a year before Supreme opened its doors a few blocks away.
Harold Hunter, Zoo York's most visible rider, was among Supreme's first employees at the original Lafayette Street store. As Gesner put it: “All of us at Zoo and Supreme, we all grew up together before Zoo and Supreme. This is like our comrades in arms.” Same scene, same generation, two brands.
Simmons proved the commercial engine could sell that authenticity at hip-hop scale. Gesner, Smith, and Hunter are the reason it was authentic in the first place. That distinction is the whole thesis: we are not buying a logo, we are buying back into the scene that built it.
VF Corp's 2020 purchase price for Supreme, Zoo York's direct scene contemporary. Resold to EssilorLuxottica for $1.5B in 2024.
Supreme is not an owned or affiliated asset. Cited as a scene comparable, not a projection of Zoo York's value.
| Brand | Status | Historical peak | Entry cost | Yr 3 modeled wholesale |
|---|---|---|---|---|
| Avirex | Active, 2026 relaunch evidence | Not yet resolved | $24-25M indicative, unverified | $20M |
| Phat Farm | Dormant, licensing inquiries only | $615M (2003, house-wide) | $5-15M rumored, unverified | $18M |
| Baby Phat | Active, independent (Kimora Lee Simmons, 100%) | $265M/yr (2002 peak) | Target about 50% stake, internal thesis only | $30M |
| Zoo York | Active, Iconix-owned, newly refinanced | $150M retail (2012 era) | No price target set | $22M |
Year 3 wholesale is a top-down modeling estimate, deliberately conservative against each brand's historical peak (3-11% of peak by Year 3), not a bottom-up forecast from signed licensee commitments, none of which exist yet. Feeds the royalty ARR model at a 7.5% blended rate.
SKATE · 1993
Co-founded by Eli Gesner, Rodney Smith, and Adam Schatz a year after Gesner co-designed Phat Farm, with Harold Hunter as its face on the Lower East Side skate scene. Wholly owned by Iconix Brand Group since 2011.
Deal read: targeting $2M-$5M, relationship-led through Iconix, not cold outreach.
Background ↗
DOWNTOWN · 1999
Grew out of the Alife Rivington Club sneaker boutique on the Lower East Side and defined 2000s downtown NYC streetwear. Global trademark rights acquired by Fila Holdings (now Misto Holdings) in 2022; Cristofaro and Hill continue as the operating/creative team.
Background ↗
FLAGSHIP · 1992
Co-designed by Eli Gesner in 1992; Russell Simmons built it into the label that bridged hip-hop and preppy Americana, peaking near $615M across the Phat Fashions house in 2003. Sold to Kellwood for $140M in 2004; the mark is now held by Phat Farm Holding Company LLC.
Deal read: targeting $5M-$15M for the mark.
Background ↗
WOMEN'S · 1999
Kimora Lee Simmons' sister label to Phat Farm, credited with bringing Y2K glamour to streetwear. Simmons reacquired and relaunched the brand, with a Kimora-fronted docuseries premiering December 2025.
Deal read: targeting a about 50% stake alongside Simmons, not a full buyout.
Background ↗
LEAD · 1975
Military-heritage flight-jacket maker turned 90s hip-hop status symbol, worn by Biggie, Nas, and Method Man. Founder Jeff Clyman sold the brand in 2006; U.S. rights now sit with Centric Brands.
Deal read: lead target, about $24-25M for 100%, most active in the pipeline.
Background ↗Extended pipeline: 10.Deep, Hood By Air, Crooks & Castles, and additional heritage labels under review.
Logos and ownership histories shown for identification only. Every brand above is a defined acquisition target, not an owned asset. Current ownership and availability are to be confirmed in diligence.
Eli Gesner co-designed Phat Farm at its 1992 launch, and Russell Simmons built it into the brand that bridged hip-hop culture and preppy Americana, one of the most recognized names in the history of urban fashion.
Phat Farm is our flagship relaunch and the proof of concept for the entire platform. It validates the model: acquire an iconic dormant brand, relaunch it through our shared engine, and distribute it through owned channels.
Three years later, Jay-Z and Damon Dash built Rocawear on that same commercial playbook. It reached roughly $700M in sales, and Iconix bought it outright for $204M in 2007, the same Iconix that owns Zoo York today.
Phat Fashions house peak revenue (Phat Farm, Baby Phat, Phat Farm Boys), 2003.
Our targeted acquisition price for the Phat Farm mark today.
Military-heritage leather since 1975, and a 1990s hip-hop status symbol worn by Biggie, Nas, and Method Man. It is also the most active conversation in our pipeline today.
Unresolved conflict: the original private tip described roughly $12M a year in warehouse-only sales, no retail or marketing. Public 2026 evidence contradicts that directly: a Wrangler x Avirex limited-edition collaboration (March 2026), a new Mercer Street NYC flagship store, a named president (Andrew Berg) still in seat, and a new seasonal collection (January 2026). The polished, actively expanding brand and the cheap, distressed shell cannot both be true. Centric Brands has been acquiring, not divesting, in 2026.
Indicative price, unverified. Get inside the real numbers in diligence before this is used with investors.
NYC's original skate-culture mark since 1993, wholly owned by Iconix Brand Group, and the direct scene contemporary of a Supreme that just sold for $1.5B.
Co-founded by Eli Gesner, Rodney Smith, and Adam Schatz a year after Gesner co-designed Phat Farm, with Harold Hunter as its face on the Lower East Side skate scene. Our CCO, Kevin Saer Leong, is inside Iconix today reviving Rocawear, the same relationship that puts Zoo York within reach.
What changes: Iconix is mid-refinancing its Apollo credit facility, expected complete January 2026, specifically to free Zoo York’s IP from a legacy 2012 securitization, and has landed two new collaborations since (Zoo York x Zara kidswear, Dec 2025; Zoo York x Bershka, Sept 2026). Expect a live, appreciating asset in negotiation, not a distressed one.
Targeted acquisition price, negotiated through the Iconix relationship, not cold outreach.
Kimora Lee Simmons' Y2K glamour label, already reacquired and relaunched by its own founder, with a Kimora-fronted docuseries premiering December 2025.
The sister label to Phat Farm, credited with bringing Y2K glamour to streetwear. Simmons repurchased the brand from its prior corporate owners and has run it independently since. We are targeting a stake alongside her, not a full buyout.
Targeted investment for a stake alongside Simmons, not a full buyout.
The Lower East Side sneaker-and-streetwear label that defined 2000s downtown NYC style, its global trademark now held by Fila's parent company.
Grew out of the Alife Rivington Club sneaker boutique. Global trademark rights were acquired by Fila Holdings (now Misto Holdings) in 2022; founders Rob Cristofaro and Treis Hill continue as the operating and creative team.
Year Fila Holdings (now Misto Holdings) acquired ALIFE's global trademark rights. No acquisition price set; terms TBD.
Shameless Brands is pre-acquisition by design. We are raising to buy. What we bring to the table today is the hard part most roll-ups lack: the team, the channel, and the sourced pipeline to execute the moment capital lands.
Five defined heritage targets plus an extended list, identified and actionable now, while they are available and undervalued.
A sales and showroom team already built and ready to deploy across the portfolio from day one.
A culture-commerce live-shopping channel in build, designed to sell the portfolio direct.
Direct access to brand ownership, culture, and collaborators that a financial buyer cannot replicate.
One design, production, and marketing capability spread across every brand we acquire.
Every added brand gets cheaper to operate. Shared services are the margin story.
Showroom and sales team place product into retail doors.
Owned ecommerce for each brand at full margin.
Heritage names license across categories and territories.
Capsule drops and marquee partnerships at premium prices.
GMV and take rate from our owned live-shopping channel across the full portfolio.
Each brand runs all five streams on the same shared platform. Revenue compounds as brands are added, while cost per brand falls.
| Metric | Year 1 | Year 2 | Year 3 |
|---|---|---|---|
| Licensee wholesale volume | $27M | $54M | $90M |
| Royalty ARR (7.5% blended) | $2.0M | $4.1M | $6.75M |
| Royalty MRR, year-end run rate | $170K | $340K | $560K |
| EBITDA margin | 18% | 35% | 50% |
| EBITDA | $360K | $1.4M | $3.4M |
Assumes 2-3 category licensees per brand at maturity and a 7.5% blended royalty rate. Sensitivity on Year 3 royalty ARR: $4.7M low case (80% of base wholesale volume, 6.5% rate) to $10.5M high case (130% of base wholesale volume, 9% rate).
Its 2021 collapse into a about $585M private sale followed SEC fraud charges: round-trip transactions inflating 2014 revenue and concealed brand impairments over $239M. A licensing-model failure would look different; this was an accounting and governance failure.
Iconix's revenue depended on the solvency of a small number of concentrated licensees per brand. When a licensee couldn't sell through or pay its GMR, Iconix had no operating channel of its own to fall back on.
License each brand to multiple, diversified category operators from the start, apparel, footwear, eyewear kept separate, so no single licensee failure takes down a brand's royalty stream.
Centric Brands, an operator not an IP holder, filed Chapter 11 in 2020 when the pandemic hit sell-through. The shock landed on the manufacturing and retail layer, not the trademark layer, exactly the layer Shameless Brands stays out of.
Grew from about $1M (2010) to $489M revenue (2020) on the same GMR-heavy licensing model; GMRs were 83% of total revenue that year.
Acquired Stance and Laura Ashley with a category licensee (United Legwear) already lined up before close. The sequencing this raise mirrors.
Taken private by Lancer Capital for about $585M in 2021, down from a $2B-plus mid-2010s market cap, on governance failure, not the model. See Risk & Mitigation.
| Stage | What happens | Value lever |
|---|---|---|
| Acquire | Purchase dormant heritage brands at low multiples. | Enter at a discount to cultural value. |
| Relaunch | Rebuild product, brand, and demand on the shared engine. | Revenue growth and brand equity. |
| Distribute | Sell direct through our owned channel and wholesale through the showroom. | Margin expansion, owned customer. |
| Consolidate | Add brands to the same platform, spread fixed costs. | Platform margin, portfolio scale. |
| Realize | Portfolio commands a strategic multiple as a category leader. | Multiple expansion at exit. |
The same discipline that built the great luxury houses: acquire undervalued heritage, invest in the brand, control distribution, and let the portfolio compound.
| Use | Allocation | Detail |
|---|---|---|
| Acquisition down payments | 35% · $17.5M | Phat Farm and/or Baby Phat plus Avirex first, per agreed sequencing. |
| Sample & tech-pack production | 13% · $6.5M | Kevin's small-batch, high-quality tier, seeding demand before mass-market scale. |
| Sales & licensing team build-out | 15% · $7.5M | Recruiting and managing category operators. |
| Marketing & brand relaunch | 12% · $6.0M | Launch campaigns and capsule-drop support for each relaunched brand. |
| Executive salaries | 10% · $5.0M | Core leadership team through the initial build-out period. |
| Working capital reserve | 10% · $5.0M | Runway while royalty revenue ramps, per the Pro Forma. |
| Contingency | 5% · $2.5M | Diligence overruns, deal costs. |
Acquire the flagship and a second anchor brand, relaunch through the shared engine, stand up the live-shopping channel, and deploy the team. Proves the model.
Acquire the full target set and relaunch each brand through licensed category operators, backed by the sales, production, and marketing built to support them. Builds the category leader.
The culture built these brands. We are the operator that brings them back, puts them under one roof, and sells them direct to the world that never stopped loving them.
