Shawn Carter Is a Businessman and a Business...Man!!!

NEW YORK, Nov. 8 /PRNewswire-FirstCall/ -- Scion, LLC, a joint venture between Iconix Brand Group, Inc. and Shawn 'Jay-Z' Carter, today announced that it has acquired the brand Artful Dodger(R) from Sovereign State, LLC. The purchase price for the brand was approximately $15 million, paid in cash by Scion.

Artful Dodger is an exclusive, high-end apparel brand sold in boutiques and specialty stores such as Harvey Nichols in the UK and at specialty stores and boutiques in the United States.

In connection with this acquisition, Scion has entered into a multi-year exclusive license with Signature Apparel Group for Artful Dodger men's and women's sportswear. Scott Langton, Artful Dodger's founder, creative director and head designer will join Signature Apparel Group in this capacity.

In addition, Scion is currently evaluating a number of licensees beyond the core sportswear license including footwear and outerwear to transition Artful Dodger into a lifestyle brand.

Shawn 'Jay-Z' Carter stated, "Artful Dodger is an incredible brand with a lot of room for growth and Scott Langton is a visionary designer. They represent what's next and new in fashion and we are glad to have both the brand and Scott as a part of our family. Artful Dodger represents the first of many acquisitions that will begin to shape our joint venture with Iconix."

Scott Langton stated, "I consider myself very fortunate to have found a partner in Scion and am really excited about the future of Artful Dodger. I am looking forward to working with Signature Apparel, who as a company, has both the production infrastructure and financial capacity to make Artful Dodger the brand I always envisioned it to be. This union allows me and my team to focus purely on the designing of the collection and building on the success that we have already achieved in such a small period of time."

Neil Cole, Chairman and CEO, Iconix, stated, "Artful Dodger is the perfect deal to launch Scion as we look for brands that have the potential to become lifestyle brands. The combination of Scott's design talent and the marketing strengths of Jay Z and Iconix will create exciting growth opportunities for the brand including distribution at high-end department stores and expansion into new product categories. "

Artful Dodger is named for the 19th Century Artful Dodger who led a group of cunning young men in mischief throughout the UK.

About Scion

Scion, LLC, a brand management and licensing company is a joint venture between Iconix Brand Group, Inc. and Shawn 'Jay Z' Carter, to buy, create and develop brands across a broad spectrum of industries and consumer product categories.