NEW YORK, Feb. 22, 2012 /PRNewswire/ -- Iconix Brand Group, Inc. (NASDAQ: ICON) and Reliance Brands Limited, a part of the Reliance Industries Group, the largest private sector company in India, today announced the formation of a joint venture company in India. The partnership marks the next step in a global expansion strategy for Iconix, which currently has other similar partnerships in Greater China, Europe and Latin America.
The new joint venture will own the fashion and home brands from the Iconix portfolio for the Indian territory, which includes iconic brands such as Ed Hardy, Mossimo, London Fog and Ocean Pacific. The new joint venture, which will be based in Mumbai, will follow a similar business model to that of Iconix in North America, which focuses on growing royalty revenue through existing and new licensing agreements with both manufacturers and retailers, while providing marketing and brand management services. Existing Iconix business in India with brands such as Mossimo and Ed Hardy will also be rolled into the partnership.
"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," said Neil Cole, Chairman and CEO of Iconix Brand Group. "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."
"Iconix has a very 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 here in India, is an incredible proposition," said Darshan Mehta, CEO of Reliance Brands Limited. "This fits very well into Reliance Brands' vision of creating long term value through multiple models of partnerships in the fashion and retail business."
The new partnership is subject to regulatory approval.
About Reliance Brands Limited
Reliance Brands Limited is part of the Reliance Industries Group. The Company began operations in October 2007 with a mandate to launch and build international and domestic brand equity in the premium to luxury segment across apparel, footwear and lifestyle business. Its current portfolio of brand partnerships comprises of DIESEL, ERMENEGILDO ZEGNA, HAMLEY'S, KENNETH COLE, PAUL & SHARK, QUIKSILVER , ROXY, STEVE MADDEN AND TIMBERLAND.
About Reliance Industries Limited
Reliance Industries Limited (RIL) is India's largest private sector company on all major financial parameters with a turnover of INR 2,58,651 crore (US$ 58.0 billion), cash profit of INR 34,530 crore (US$ 7.7 billion), net profit of INR 20,286 crore (US$ 4.5 billion) and net worth of INR 1,51,540 crore (US$ 34.0 billion) as of March 31, 2011.
RIL is the first private sector company from India to feature in the Fortune Global 500 list of 'World's Largest Corporations' and ranks 119th amongst the world's Top 200 companies in terms of profits. RIL ranks 68th in the Financial 'Times FT Global 500' list of the world's largest companies. RIL is ranked amongst the '50 Most Innovative Companies - 2010' in the World in a survey conducted by the US financial publication - Business Week in collaboration with the Boston Consulting Group (BCG). In 2010, BCG also ranked RIL as the second highest 'Sustainable Value Creators' for creating the most shareholder value over the decade in the world.
About Iconix Brand Group, Inc.
Iconix Brand Group, Inc. owns, licenses and markets a growing portfolio of consumer brands including CANDIE'S (R), BONGO (R), BADGLEY MISCHKA (R), JOE BOXER (R), RAMPAGE (R), MUDD (R), LONDON FOG (R), MOSSIMO (R), OCEAN PACIFIC (R), DANSKIN (R) ROCA WEAR (R), CANNON (R), ROYAL VELVET (R), FIELDCREST (R), CHARISMA (R), STARTER (R), ZOO YORK (R), WAVERLY (R) and SHARPER IMAGE (R). In addition, Iconix owns an interest in the ARTFUL DODGER (R), ED HARDY (R), ECKO (R), MARC ECKO (R), MATERIAL GIRL (TM), TRUTH OR DARE (TM) and PEANUTS (R) brands. The Company licenses its brands to a network of leading retailers and manufacturers that touch every major segment of retail distribution from the luxury market to the mass market in both the U.S. and worldwide. Through its in-house business development, merchandising, advertising and public relations departments Iconix manages its brands to drive greater consumer awareness and equity.
For further information and press queries:
Iconix Brand Group
VP, Public Relations
Reliance Brands Limited
PR & Communications
+91 (0) 99671 30364 / firstname.lastname@example.org
SOURCE Iconix Brand Group