Indian fashion JV formed
India’s Reliance Brands has teamed up with US-based Iconix Brand Group to bring its 20 lifestyle and fashion brands to India.
The equal joint venture called Imaginative Brand Developer India will carry brands including Mossimo, Ocean Pacific, Peanuts, Cannon, Waverly, Ed Hardy and London Fog.
“It is for the first time that we have invested in owning any brand names. We will invest in marketing, branding and other collaterals required,” Reliance Brands CEO Darshan Mehta said.
Iconix Brand Group is currently in tie-up with other Indian companies Wadhawan Group and Arvind Lifestyle for the franchise of its brands Ed Hardy and Mossimo respectively.
Imaginative Brand Developer India will now hold the license for the two brands, hence, it will require license fees from Wadhawan Group and Arvind Lifestyle.
“The joint venture is the owner of the 20 brands in India and we will license out them to retailers and interested parties to set up stores in return of royalty charges,” said Mehta.
Reliance Brands is also the franchisee for international brands Timberland, Diesel, Zegna and Paul & Shark.
Iconix Brand Group, which reported US$369.8 million revenue last year, said its partnership with Reliance Brands is part of a global expansion plan. It has also partnerships in Latin America, Europe and China.
“With this new partnership, and together with our existing global partnerships, we are on our way to achieving our long-term goal of growing international revenue to a third of our total business,” said Iconix Brand Group chairman and CEO Neil Cole.