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Candie's buys Brand Badgley Mischka

NEW YORK, Nov. 1 (UPI) -- Candie's of New York said Monday it will acquire B.E.M. Enterprise, the holding company for the designer business Badgley Mischka.

Candie's will make the acquisition from parent company Escada U.S.A, also in New York.

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The purchased assets will include the Badgley Mischka trademark, the assumption of two existing licenses with Pronovias USA for bridal gowns and BC International for fur coats.

Additionally, Candie's acquired the rights to operate the Badgley Mischka retail store located on Rodeo Drive in Beverly Hills, Calif.

The purchase price for the transaction will be paid in shares of the Company's common stock.

Candie's noted it has been in the process of transforming from a footwear and jeans wear company to a multi-brand licensing business. The company licensed its Candie's and Bongo footwear operations in May 2004, and effective last August, it licensed Bongo jeans wear, which license will be fully transitioned by Jan. 31, 2005.

The acquisition of the luxury Badgley Mischka label reflects Candie's strategy to own and license a portfolio of differentiated trademarks.

Badgley Mischka sells luxury evening wear in the United States. Candie's licenses its trademarks on a variety of young women's footwear, apparel and fashion products.

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