Reliance Brands, a part of the Reliance Industries Group, and US-based brand management company, Iconix Brand Group have recently formed a joint venture company to sell the fashion and home brands including Ed Hardy, Mossimo, London Fog and Ocean Pacific in India.
The company will be based in Mumbai and will follow a business model similar to Iconix in North America, which focusses on growing royalty revenue through existing and new licensing agreements with both manufacturers and retailers, while providing marketing and brand management services.
Speaking on the occasion, Neil Cole, Chairman and CEO, Iconix Brand Group, said: “Partnering with Reliance, a company that has a dominant presence in India, one of the most compelling retail growth areas in the world, is an essential next step in our global expansion strategy. With this new partnership in place, and together with our existing global partnerships in other regions, we are on our way to achieving our long-term goal of growing international revenue to a third of our total business.”
Commenting on the joint venture, Darshan Mehta, CEO, Reliance Brands said that Iconix has a unique and interesting business and revenue model as well as an exciting portfolio of brands. Having the ability to leverage the global strength of the Iconix portfolio of brands and building a larger presence for them in India fits very well into Reliance Brands’ vision of creating long-term value through multiple models of partnerships in the fashion and retail business.
The partnership, subject to regulatory approval, is in line with the global expansion strategy for Iconix, which currently has other similar partnerships in Greater China, Europe and Latin America.
Reliance Brands began operations in October 2007. Its current brand partnerships include Diesel, Ermenegildo Zegna, Hamley’s, Kenneth Cole, Paul & Shark, Quiksilver, Roxy, Steve Madden and Timberland.
Iconix Brand Group owns, licenses and markets consumer brands including Candie’s, Bongo, Badgley Mischka, Joe Boxer, Rampage, Mudd, London Fog, Mossimo, Ocean Pacific, Danskin, Roca Wear, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter, Zoo York, Waverly and Sharper Image. It also owns interest in Artful Dodger, Ed Hardy, Ecko, Marc Ecko, Material Girl, Truth or Dare and Peanuts. The company licenses its brands to retailers and manufacturers in the US and worldwide.