Reliance Brands signs JV with US’s Iconix
Reliance Brands, part of Mukesh Ambani-owned Reliance Industries, has signed an equal joint venture with Iconix Brand Group of the US to acquire the rights of 20 lifestyle brands in India according to the reports.
The brands, which have a mixed retail revenue of $12 billion globally, include London Fog, Ed Hardy, Mossimo and Mudd.
Reliance Brands, part of parent company RIL, will buy a 50 percent stake in Iconix India.Reliance Brands will buy a 50 percent stake in Iconix India, a unit of the US company,as per the reports.
Iconix India will licence the brands to local retailers in return for royals payments and the joint venture will keep the brand management, marketing and business development rights for all the brands.
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Feb 22 2012. Filed under