ifwt_Pharrell x BBC

After creating streetwear/skating brand Billionaire Boys Club (BBC) with BAPE founder Nigo in 2005, Pharrell went on to create another brand Ice Cream (initially for sneakers at first) shortly afterward. Years later, however, he sold a majority of his ownership to Iconix Brands Group Inc. In the midst of the latter’s financial crisis, however, the Neptunes producer has now repurchased a 50% stake in both brands.

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In a statement, a spokeswoman for Iconix said:

“The sale of our interest in BBC and Ice Cream was a strategic decision to rationalize smaller noncore assets in the Iconix portfolio, allowing us to focus our time and resources on the larger cash flow generating brands. BBC and Ice Cream represented less than 1 percent of our total business.”

The company is currently in debt to the tune of $300 million, which is due in June, and they’re currently refinancing to meet that obligation. As for Pharrell, his new plans for the company include expanding the brands.

Source: WWD