Oct. 25 (Bloomberg) -- Iconix Brand Group Inc. has halted talks to buy designer Kenneth Cole’s shoe and clothing company, according to two people with knowledge of the matter.
When the talks will restart isn’t clear, said the people, who declined to be identified because the process isn’t public.
New York-based Iconix, run by Kenneth’s brother Neil Cole, owns brands such as Candie’s and London Fog, and licenses them to retailers and manufacturers. It hasn’t run retail stores.
In addition to owning the Kenneth Cole brand, Kenneth Cole Productions Inc., also based in New York, operates 110 stores, based on its last annual report. Kenneth Cole’s market capitalization was $269 million as of Oct. 22.
New York Times reporter Andrew Ross Sorkin said on CNBC earlier today that the talks had fallen apart.
Iconix spokeswoman Tara Levy declined to comment. A representative from Kenneth Cole didn’t immediately return a call.
Kenneth Cole Productions fell 53 cents, or 3.6 percent, to $14.26 at 4:06 p.m. in New York Stock Exchange composite trading. Iconix rose 21 cents to $17.72 on the Nasdaq Stock Market.
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