After Pharrell created the streetwear brand Billionaire Boys Club with BAPE founder Nigo in 2005, he also went on to create his own Ice Cream soon after. A few years late though he sold most of his ownership to Iconix Brands Group Inc. They are currently going through some money troubles, and so Pharrell decided to repurchase a 50% stake in both brands.
A spokeswoman for Iconix 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.”
The company is currently in debt of about $300 million! Which is due in June, and they are trying to refinance to get the money. As for Pharrell, he plans to expand the brands and get his hands back in this biz!