Pop star Madonna and Iconix Brand Group on Wednesday unveiled a joint venture to launch fashion brands globally, starting with a juniors collection to be sold at Macy's department stores this August.
The company, MG Icon, will be 50 percent owned by Iconix and 50 percent by Madonna and Guy Oseary, her manager, and it will hold a license to use the singer's name for apparel, footwear and other products.
A fast-fashion juniors collection, aptly called "Material Girl" after Madonna's nickname early in her career when she scored hit songs such as "Lucky Star," will be launched in about 200 Macy's stores and online in time for back-to-school shopping in the United States.
The new collection was designed by 51-year-old Madonna and her teenage daughter Lourdes Leon in collaboration with Iconix's in-house fashion department.
Macy's Chief Merchandising Officer Jeffrey Gennette said the line will include clothes, jewelry and other accessories with prices starting from about $12.
"We are building this brand to potentially be in every one of (Macy's doors)," Gennette said, adding that the junior female customer group was currently underserved at Macy's.
Source: http://www.reuters.com/article/idUSTRE62A09G20100311
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