Reliance Brands, Iconix form JV
MUMBAI |
MUMBAI (Reuters) – Reliance Brands, part of Mukesh Ambani’s Reliance Industries, has partnered with Iconix Brand Group to sell the U.S. company’s fashion and home brands in India.
The joint venture will offer Iconix brands such as London Fog, Ed Hardy, Mossimo and Ocean Pacific in India.
The Times of India newspaper reported earlier on Wednesday that the companies signed an equal joint venture for 20 of Iconix’s lifestyle brands, which it said generated total global revenue of $12 billion.
Financial details of the deal were not available.
“We are on our way to achieving our long-term goal of growing international revenue to a third of our total business,” Iconix Chairman Neil Cole said in a statement.
Reliance Brands will hold a 50 percent stake in Iconix India, a unit of the U.S. company, the Times report said.
Reliance Brands’ chief executive, Darshan Mehta, was quoted in the report as saying that it had paid a “significant upfront amount” to buy the stake and the rights.
(Reporting by Nandita Bose; Editing by Aradhana Aravindan)
Article source: http://feeds.reuters.com/~r/reuters/INbusinessNews/~3/tFzuppB-vj0/reliance-iconix-jointventure-idINDEE81L0DN20120222
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