Marc Ecko, purveyor of the Ecko clothing line, sold a 51% stake in his company to Iconix (owner of Candies, London Fog, Rocawear and other brands) today, the New York Post reports.
Ecko is known for overspending, and has sold his brand name to get out of debt. But the designer isn’t remorseful:
“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.”
What’s the point of having millions if a guy can’t spend it?
The deal brought in nearly $64 million in cash and $90 million in financing for a new project, which Ecko will take lead of as CEO.
He The brand projects it will also make $42-44 million annually in his new role.