Pharrell Williams has taken back a controlling interested in the Billionaire Boys Club and Ice Cream. The Neptunes produced repurchased a 50% stake in the clothing brand’s he founded.
WWD has learned that the musician and his partners from BBC Miami have repurchased Iconix Brands Group Inc.’s 50 percent interest in BBC Ice Cream LLC, owner of the Billionaire Boys Club and Ice Cream streetwear brands. Financial terms of the deal were not disclosed.
An Iconix spokeswoman acknowledged the ownership shift and 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.”
Iconix going through financial difficulties is what made Pharrell’s move possible. The company has a $300M debt due in June and is refinancing to meet that obligation.
BBC was founded in 2005 by Pharrell and BAPE founder Nigo (Ice Cream was established around the same time with an initial focus on sneakers). Now back in his hands, Pharrell plans to expand the brands.