London Fog rebuilt its image in 2006, then Iconix bought the brand for $30.5m

London Fog was the American raincoat, trusted and dependable, but by the 2000s 'dependable' had become a polite word for stale. Executives made a bold call: the outerwear brand needed a makeover.

The relaunch revolved around launching sportswear that fall, with plans for accessories and retail, positioning London Fog as a lifestyle label rather than just rainwear. The idea was to update the image without abandoning the name.

The bet attracted a buyer. In August 2006 Iconix Brand Group won the London Fog brand at a Las Vegas bankruptcy-court auction, paying $30.5 million in cash and $7 million in stock. The new owner set about repositioning it for growth.

Iconix planned a 2007 launch across trenchcoats and outerwear in leather and wool for men and women, and rolled the brand into Macy's, Dillard's and Nordstrom.

The makeover relaunched London Fog around sportswear, and Iconix paid $30.5m cash plus $7m in stock to buy it at bankruptcy auction.

Launching sportswear broadened the brand beyond a single rainy-day product

Updating the image made the heritage name feel current rather than stale

The makeover made the brand attractive enough for Iconix to acquire at auction

A licensing expert like Iconix could scale London Fog across retailers

A category-defining name can escape its own heritage by relaunching as a lifestyle brand rather than a single product.

Under Iconix, London Fog expanded into multiple categories and retailers, and the 2006 relaunch became a reference point for how a heritage brand can reposition itself as lifestyle rather than single-product.