Sports Direct International has launched a proxy battle in the U.S. against the board of directors of Iconix Brands Group, the licensor of Umbro, Danskin and many other brands, in which it owns about 9 percent of the shares since the beginning of 2016. It is nominating four candidates for election to the board to conduct a strategic evaluation of the business, which is burdened by debts of $800 million. Iconix' share price has dropped significantly since 2014. Its licensing revenues fell by 17 percent to $48.5 million in the first quarter of this year, driven by a 41 percent decline in the women's segment, while international sales increased by 29 percent to $15.5 million. The company still came out with a net profit of $32.7 million for the quarter, thanks to a non-cash gain of $25 million, compared with a loss in the year-ago period.

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