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Apparel licensing company and Rocawear manufacturer Iconix has completed a new deal that gives them a 51% stake in the Ecko clothing brand.

The deal gives Iconix a majority stake in Ecko’s private portfolio, and was finalized for the amount of $63.5 million.

Iconix expects a quick turnaround on their investment, projecting the venture to generate $42-$44 million in revenue by the end of 2010.

If the projection proves accurate, Iconix will post a $26 million share of the proceeds.

Iconix chief executive Neil Cole expects the success to stem largely from Ecko’s diverse brand which currently boasts 12 distinct lines such as Ecko Unlimited (men), Ecko Red (women), Zoo York (skateboarding), and Marc Ecko Scopes (eyewear).

“Ecko already has strong licensing partners and a robust European platform, from which we could leverage the rest of our portfolio,” Cole explained in a statement.

In addition, Cole verified that Ecko founder Marc Ecko will retain his position as the brand’s chief creative officer. Ecko was founded as a small, urban clothing line in 1993.

Over the past 16 years, Marc Ecko has expanded his brand from its initial strong Hip-Hop following to mainstream acceptance and recognition.

The new agreement follows Ecko’s previous marketing and merchandising deal with G-Unit Clothing, which spanned from 2003-2008.