As Iconix Brand Group works to stabilize its business, external headwinds added pressure to the home segment in the first quarter. Its home segment plunged 46% to $3.5 million from $6.5 million, "principally [due to] the impact of the Sears bankruptcy in our Cannon brand and the transition of our Royal Velvet DTR (direct to retail)," explained John McClain, chief financial officer, during the company's earnings call in May. Cannon had been exclusive to Sears and Kmart, while Royal Velvet had been exclusive to JCPenney. Both are now available to the broader market under licensing agreements with suppliers. Pern-America is Cannon's recently inked licensee for fashion bedding, sheets, blankets, throws, down alternative utility bedding and window; and Blue Ridge Home Fashions is the brand's partner for natural fiber and down utility bedding. Himatsingka signed a multi-category license for Royal Velet.
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