Mossimo pact.Persisting per·sist intr.v. per·sist·ed, per·sist·ing, per·sists 1. To be obstinately repetitious, insistent, or tenacious. 2. in its intention to acquire Mossimo Inc., Iconix Brand Group Iconix Brand Group is a brand management company that licenses brands to retailers and manufacturers primarily in the apparel, footwear, and apparel accessory industries. Its brands are available in such stores as Kohl's, Kmart, Sears, Macy's, Mervyn's and JC Penney. Inc. said April 27 that it now has a definitive agreement with rival Cherokee Inc. to buy out Cherokee's Mossimo finders agreement for $33 million. As part of the agreement, Cherokee will withdraw its $135 million offer to purchase Santa Monica-based Mossimo. The $33 million is payable when New York-based Iconix, which owns apparel brands such as Joe Boxer Joe Boxer (also known as Box-oh-Joes, or BJ) is a brand of underwear and related apparel, founded by Nicholas Graham. The brand pioneered the concept of novelty hanging underwear. Joe Boxer is a wholly owned subsidiary of Iconix Brand Group. , closes its deal to acquire Mossimo. Cherokee, a Van Nuys-based licensor and marketer of brands to retailers including Target Corp., made its own bid for Mossimo in the wake of a $119 million offer from Iconix. Both offers are stock-and-cash deals. A long-standing Mossimo finder's agreement provided for Cherokee to receive 15 percent of all earned royalties received from Mossimo's license with Target Stores in perpetuity Of endless duration; not subject to termination. The phrase in perpetuity is often used in the grant of an Easement to a utility company. in perpetuity adj. forever, as in one's right to keep the profits from the land in perpetuity. , in exchange for Cherokee services in brokering the license agreement. |
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