After years of supporting a lavish lifestyle, Marc Ecko has been forced to sell off his brand. Some speculate whether it was out of desperation, since he had to layoff employees earlier this year, sell some of his trademark brands and pay off numerous creditors.
This week, the fashion mogul inked a deal with Iconix--the brand which owns clothing lines like Rocawear, Mossimo and Joe Boxer--giving up a 51 percent share in the Ecko brand.
In exchange, he will receive $63.5 million cash and $90 million in financing for the joint venture with Iconix.
Despite the sale, Ecko didn't seemed too worried when he spoke to the New York Post, saying that if he had to walk away from everything, he wouldn't look back.
"I've had a crazy, wild ride. I've done a lot of things that have been naive," Ecko told the Post. "I'll take my lumps for a lot of things that, in retrospect, were a little indulgent. Life happens. I don't regret any of it."
"I've lived through a leveraged position," he continued. "I don't know whether once you grow up your business like that you have full control anymore anyway."
According to reports, Iconix will keep Ecko on as Chief Creative Officer in the new joint venture.
The Ecko Unlimited line may be undergoing changes following the deal, since its decline in recent years. But, under new management, the line will evolve, says Iconix.
"Kids are not wearing big, baggy things with logos on them--it just looks different now," Iconix CEO Neil Cole said. "I promise you these kids are not naked out there and they're not wearing my father's clothes."
In 2007, Marc Ecko purchased Barry Bonds' 756th home run ball, via an online auction for just over $752,000. Maybe it's time to re-think those types of purchases.