Iconix Brand Group sold its Sharper Image brand to licensee ThreeSixty Group for $100 million, moving to “better leverage resources” by focusing on parts of its business with potential for “greater returns,” CEO John Haugh said. The sale, which closed Dec. 30, includes $98.5 million in cash for Sharper Image assets controlled by Iconix and another $1.75 million that will be held in escrow pending agreements being reached during the next 18 months with joint venture partners in Latin America, Southeast Asia and Australia.

Iconix acquired Sharper Image from Hilco Consumer Capital Corp. for $65.6 million in 2011 and at the time projected $12-$13 million in annual royalty revenue. Iconix has several licensing agreements for Sharper Image, including one with ThreeSixty’s MerchSource for a range of products including slippers, candy dispensers, popcorn poppers and other products that are being sold through Walgreen’s and other retailers. Sharper Image, founded as a retailer in 1977, fell into bankruptcy in 2008.