It’s been just over a year since Iconix International quietly bought the Salt Life brand out of bankruptcy. Although the company had a checkered past — its cofounder is serving a 12-year sentence for killing his girlfriend — things have gone well since it landed in its new home.
Iconix purchased Salt Life in September 2024 in partnership with Hilco Consumer-Retail Group for just under $39 million following the Chapter 11 filing by its then-owner Delta Apparel.
The plan was to liquidate all 28 of the company’s stores and transition to a brand management model. After the deal was finalized, the stores were all shuttered and Iconix began signing licensing deals for a wide range of products including lifestyle apparel and swimwear, accessories, an assortment of beach-related products, home furnishings and beverages.
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The strategy is working.
“We’re thrilled about the progress we’ve made and we think that this could be a $500 million brand for us,” said Robert Galvin, chief executive officer of Iconix, who added that in the past year, sales have doubled to nearly $100 million.
Salt Life is on track to double its retail business in 2026 as it expands its wholesale presence to large stores such as Dillard’s, Belk and Dick’s Sporting Goods and grows its recently relaunched e-commerce platform.
“What we loved about it was that it was an outdoor brand, and in our portfolio we really didn’t have a true authentic outdoor brand,” he added. Among the brands in the Iconix stable are Artful Dodger, Buffalo, Candie’s, Ecko Unltd., Ed Hardy, Starter and Umbro.
As he pored through the customer data, he found that Salt Life not only attracted ocean-loving customers on the coasts, but anyone who enjoyed being on the water. “Any place there was water and a water lifestyle it had great brand recognition,” he said.
The data also showed that Salt Life was still a viable brand but had been hampered by the financial difficulties of its parent company. The quality of the merchandise had suffered and the stores didn’t fit into the Iconix playbook. But by partnering with Hilco, Galvin knew the deal could work. “They helped us close down the stores and sell off the inventory, and that helped to greatly reduce the purchase price.”
Galvin stressed that there was “nothing wrong with the stores — they were all profitable, they were in great locations. But we just weren’t ready as a brand owner to manage them at that point.”
So the owners agreed to take a step back for 18 to 24 months before revisiting the idea. Under the new structure, Salt Life will begin opening stores early next year.
Galvin said three stores will open in the first quarter with Coastal Life Outfitters, a company that operates restaurants in the Jacksonville, Fla., area. Salt Life was founded in Jacksonville Beach in 2003 by three men who made car stickers and T-shirts before growing into a lifestyle brand.
The first stores will be in Florida and the plan is to then expand up the coast to North Carolina and New Jersey.
Galvin said the interest among potential licensees surprised him. “In all my years of doing this, it’s usually like horse trading, but this is the first brand where I had 10 in-bound category inquiries [immediately]. So we knew we had something that was valuable.”
Iconix licensed Thread Collective, the Toronto-based owner of Pyscho Bunny, for men’s and women’s apparel. Other deals were inked after that include Lunada Bay for women’s swimwear; RGA Leatherworks for bags, coolers, belts and wallets; Eyeking for sunglasses; Rip and Drift for mobile accessories, surf/paddle/skim/boogie boards; Chaby International for chairs and umbrellas at Dick’s Sporting Goods; SG Footwear for men’s and boys’ shoes, which will be launching in the spring with women’s and girls’ to follow; Lugo Craft Spirits for Salt Life Rum Cocktails at Publix. In the home arena, deals were signed with Magnussen Home Furnishings for furniture, Mohawk for rugs and mats at Wayfair, Home Depot and Bed Bath & Beyond, and J. Queen New York for bedding, bath and beach towels.
The brand also has a restaurant in Jacksonville Beach called Salt Life Food Shack, a partnership with the Jacksonville Jaguars, and works with both the Western Surfing Association and Surf Industry Members Association.
Galvin said he believes Salt Life can be the next Tommy Bahama, which operates stores, restaurants and also has a strong wholesale business. But its prices are more affordable, with T-shirts retailing for $26 to $58, polos for $50 to $66 and hoodies for around $58.
Next up, Iconix will be seeking licensees for fishing equipment, kids’ apparel, fragrance and personal care products and pet accessories.
“By widening categories and building a full lifestyle experience, we’re creating scalable, multi-year growth,” Galvin said.
He’s also planning to build a business outside the U.S. “We’ve got some good partners in the Middle East and Europe coming on board and we’re making inroads into Latin America,” he said.
Although Galvin said Salt Life still has a way to go to reach the size of some of Iconix’s largest brands such as Starter, he views it as “one of the up-and-coming brands for us. It’s got a lot of room to grow and a lot of momentum.”