Exhibit 99.1

Iconix Brand Group Reports First Quarter 2012 Financial Results

NEW YORK, April 25, 2012 /PRNewswire/ —

Iconix Brand Group, Inc. (NASDAQ: ICON) (“Iconix” or the “Company”), today announced financial results for the first quarter ended March 31, 2012.

Q1 2012 Results for Iconix Brand Group, Inc.:

Total revenue for the first quarter of 2012 was approximately $88.5 million, a 4% decline as compared to approximately $92.4 million in the first quarter of 2011. EBITDA attributable to Iconix for the first quarter was approximately $56.8 million compared to $58.8 million in the prior year quarter. Free cash flow attributable to Iconix for the first quarter was approximately $47.4 million, a 3% increase as compared to the prior year quarter of approximately $45.9 million. On a non-GAAP basis, as described in the tables below, net income attributable to Iconix was $31.9 million, a 5% decline compared to the prior year quarter. Non-GAAP diluted EPS for the first quarter of 2012 was $0.43 compared to $0.45 in the prior year quarter. GAAP net income attributable to Iconix for the first quarter of 2012 was approximately $27.6 million as compared to $31.4 million in the prior year quarter and GAAP diluted EPS for the first quarter of 2012 was $0.37 compared to $0.42 in the prior year quarter.

EBITDA, free cash flow, non-GAAP net income and non-GAAP diluted EPS are all non-GAAP metrics and reconciliation tables for each are attached to this press release.

Neil Cole, Chairman and CEO of Iconix Brand Group, Inc. commented, “With the majority of our portfolio performing well in the U.S. and our continued expansion into new geographies, we believe our Company remains strong and is well positioned for growth in 2013 and beyond. Although we see some challenges in the short term, we remain positive on the long-term as we continue to execute an exciting and extremely profitable business model with a diversified portfolio and strong foundation. With our strong balance sheet and significant cash flow we plan to continue to execute on our share repurchase program as well as remain focused on acquisitions to deliver additional value to our shareholders.”

2012 Guidance for Iconix Brand Group, Inc.:

The Company is revising its full year 2012 guidance as follows;

The 2012 guidance revision is primarily related to the continued softness of the men’s brands, specifically Rocawear, Ecko and Ed Hardy, and certain international initiatives that the Company no longer expects to complete in 2012.

The Company is still waiting on government approval for its joint venture in India and therefore the transaction did not close in the first quarter as expected. If it had closed, it would have contributed $5-6 million in revenue or $0.04-$0.05 in EPS. However, the Company believes this is purely a timing issue and expects the deal to close in the second quarter.

This guidance relates to the existing portfolio of brands and does not include any additional acquisitions.

See reconciliation tables below for non-GAAP metrics. These non-GAAP metrics may be inconsistent with similar measures presented by other companies and should only be used in conjunction with our results reported according to U.S. GAAP. Any financial measure other than those prepared in accordance with U.S. GAAP should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP.

About Iconix Brand Group, Inc.

Iconix Brand Group, Inc. owns, licenses and markets a growing portfolio of consumer brands including CANDIE’S (R), BONGO (R), BADGLEY MISCHKA (R), JOE BOXER (R), RAMPAGE (R), MUDD (R), LONDON FOG (R), MOSSIMO (R), OCEAN PACIFIC (R), OP (R), DANSKIN (R), DANSKIN NOW (R) ROCAWEAR (R), CANNON (R), ROYAL VELVET (R), FIELDCREST (R), CHARISMA (R), STARTER (R), WAVERLY (R), ZOO YORK (R) and SHARPER IMAGE (R). In addition, Iconix owns an interest in the ARTFUL DODGER (R), ED HARDY (R), ECKO (R), MARC ECKO (R), MATERIAL GIRL (TM), TRUTH OR DARE (TM) and PEANUTS (R) brands. The Company licenses its brands to a network of leading retailers and manufacturers that touch every major segment of retail distribution from the luxury market to the mass market in both the U.S. and worldwide. Through its in-house business development, merchandising, advertising and public relations departments Iconix manages its brands to drive greater consumer awareness and equity.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. The statements that are not historical facts contained in this press release are forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors, all of which are difficult or impossible to predict and many of which are beyond the control of the Company, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors include, but are not limited to, uncertainty regarding the results of the Company’s acquisition of additional licenses, continued market acceptance of current products and the ability to successfully develop and market new products particularly in light of rapidly changing fashion trends, the impact of supply and manufacturing constraints or difficulties relating to the Company’s licensees’ dependence on foreign manufacturers and suppliers, uncertainties relating to customer plans and commitments, the ability of licensees to successfully market and sell branded products, competition, uncertainties relating to economic conditions in the markets in which the Company operates, the ability to hire and retain key personnel, the ability to obtain capital if required, the risks of litigation and regulatory proceedings, the risks of uncertainty of trademark protection, the uncertainty of marketing and licensing acquired trademarks and other risks detailed in the Company’s SEC filings. The words “believe”, “anticipate”, “estimate”, “expect”, “confident”, “continue”, “will”, “project”, “provide” “guidance” and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date the statement was made. All forward-looking statements are qualified by these cautionary statements and apply only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact Information:

Jaime Sheinheit

Investor Relations

Iconix Brand Group

212.730.0030

Unaudited Condensed Consolidated Income Statements

(in thousands, except earnings per share data)

The following tables detail unaudited reconciliations from non-GAAP amounts to U.S. GAAP and include reconciliations related to the adoption of ASC Topic 470 as it relates to accounting for convertible debt.

Note: All items in the following reconciliation tables are attributable to Iconix Brand Group, Inc. and exclude results related to non-controlling interests.

(in thousands, except per share data)