|Headquarters Regions:||Irvine, California, United States|
|Number of Employees:||25+|
|Area served:||United States of America|
|Products of Company:||sportswear and accessories|
|Net Worth in 2021:||$100 million|
Mossimo is well-known sportswear as well as accessories company based in the United States. This company was founded in the year 1968 by Mossimo Giannulli, a designer, and owned by the Iconix Brand Group since the year 2006. Mossimo specializes in youth and teenage clothing, including
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Mossimo was established in 1986 on the Balboa Island situated in Newport Beach, California, by Mossimo Giannulli. With a $100,000 loan from his dad, Giannulli chose to drop-out of the University of Southern California in the year 1987 to start his Mossimo streetwear line. Giannulli’s firm made $1 million in gains at the end of its first full year. He had $4 million the next year.
Mossimo went public with an initial public offering (IPO) in 1996. Since failing to move the company from streetwear/beachwear to high fashion, Giannulli downscaled the brand. Shares fell from $50.00 to $4.75. Mossimo, Inc reported a $27.8 million multi-product license deal with Target stores on March 28, 2000. Target experienced a makeover in 2017, adding new smaller labels and phasing out larger billion-dollar brands like Mossimo.
Target has distanced itself from Mossimo Giannulli in the wake of his role in the college admissions bribery case in 2019, claiming that the two had not worked together in over a decade. Mossimo and his partner, actress Lori Loughlin, were found guilty of bribing University of Southern California administrators with up to $500,000 in order to get their two daughters into the university. Iconix Brand Group purchased Mossimo in the year 2006.
Iconix Brand Group is a brand management firm that licenses brands to manufacturers and retailers, mainly in the apparel accessory industries apparel footwear. The company’s brands can be accessed in stores like Target, Kohl’s, Kmart, Sears, JC Penney, and Macy’s. Neil Cole created this company in the year 1978. The firm does operate from its main offices, which are located in the United States.
In 2011, the company’s revenue was about $400 million. The firm provides its services and products with over 120 employees. It owns several sister businesses such as Umbro, Starter, Mossimo, Lee Copper, and Mud Jeans. Iconix Brand Group started as Candie’s, Inc, whose branded it bought in the year 1993. The Bongo brand was bought in 1998.
In 2004, the Badgley Mischka brand was acquired. On July 22, 2005, as well as September 15, 2005, respectively, the Joe Boxer and Rampage labels were purchased. On April 11, August 29, November 1, as well as November 6, 2006, the firm purchased the Mudd, London Fog, Mossimo, as well as Ocean Pacific labels, respectively.
In 2007, the firm added the labels Cannon, Danskin, Artful Dodger, as well as Rocawear to its portfolio of acquisitions. Iconix purchased the Starter brand from Nike on November 15, 2007. Iconix charged $109 million for a 51 percent interest in Eck Unltd, an urban apparel brand, on October 27, 2009. In May of 2013, it gained complete control.
Iconix and Charles M. Schulz Creative Associates purchased all properties relating to the Peanuts comic strip from its longstanding owner, United Media, on June 3, 2010. They used the property to create a new corporation, Peanuts Worldwide, with Iconix owning 80% and Schulz Associates owning 20%. Peanuts Worldwide has purchased United Media’s licensing division, which handles licensing for the company’s other brands, such as Dilbert and Nancy.
The Sharper Image, an electronics brand, was purchased by Iconix in the year 2011. Nike Inc. reported in October 2012 that it had agreed to sell the English brand Umbro to Iconix Brand Group for $225 million. In December of 2012, the purchase was concluded.
Sun Capital Partners sold Lee Cooper to Iconix in 2013. In an attempt to grow into higher-end products, Iconix purchased the Buffalo David Bitton label in February 2013. Buffalo International ULC received $76.5 million in cash from Iconix in exchange for a 51 percent interest in the brand.
Iconix purchased the Strawberry Shortcake line from American Greetings in 2015 February. In the same month, Iconix and Anthony L&S Athletics, LLC bought Pony’s intangible assets as well as the brand’s North American rights from Symphony Holdings, LLC, with the potential to buy more markets. The Pony rights will be held by a new subsidiary of 75 percent and 25 percent stakes shared by Iconix and Anthony L&S Athletics, respectively.
Following an announcement that Iconix was under scrutiny by the Securities and Exchange Commission, multiple top executives, including creator Neil Cole, resigned in 2015. Iconix sent a letter from the SEC after its 2014 financial results prompted the probe. Iconix’s stock dropped by 24% after the probe was reported.
The SEC charged Iconix as well as three of its ex-top executives with fraud on December 5, 2019. Seth Horowitz, Iconix’s COO, pleaded guilty to the allegations and decided to accept a $5.5 million fine. The lawsuit against Neil Cole, the company’s founder, and former CEO was still pending in July 2020.
Awards and achievements
There are no details of any awards which the company has won since it was formed. However, this company has achieved huge sales year after year. This is a positive sign of better things to come in the future.
Net Worth & Earnings of Mossimo in 2021
As of 2021, The net worth of Mossimo is estimated to be over $100 million. Its net worth is based on the sales the company has been able to make over the years. The company’s name is based on the founder’s and designer’s name, Mossimo Giannulli. The founder has been involved in a wide range of controversies and frauds. The brand was sold to Iconix in the year 2006.
The company has operations in several countries around the globe. As this brand was at its peak, it was sold in 1,700 domestic and 600 overseas shops worldwide. In 1997, the company lost over $19 million. At the period, the founder owned a $500 million interest in the business. Mossimo is a prime illustration of how a single bad decision may devastate a company. It was the most famous brand in the United States. Under Iconix’s management, the brand is improving. They are making every effort to establish a brand name.