Reliance Brands forms JV with US-based Iconix

Mumbai: Mukesh Ambani-led Reliance Brands, a subsidiary of the group's retail venture Reliance Retail, Tuesday announced the formation of a joint venture with the US-based Iconix Brand to hawk the latter's brands – London Fog, Ocean Pacific among others -- in the country.

The new venture will be based in Mumbai and the existing brands of Iconix, Ed Hardy and Mossimo will also be rolled out into the partnership, the companies said in a statement here.

The Nasdaq-listed Iconix had signed a licence agreement last year with Arvind Lifestyle's Megamart for selling its youth brand Mossimo in the country.

"Partnering with Reliance is an essential next step in our global expansion strategy," Iconix Brand chairman and chief executive Neil Cole said.

"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," Cole further said.

Iconix has other similar partnerships in China, Europe and Latin America.

"Having the ability to leverage the global strength of the Iconix portfolio, and building a larger presence for them here, is an incredible proposition. This fits very well into Reliance Brands' vision of creating long-term value through multiple models of partnerships in the fashion and retail business," Reliance Brands chief executive Darshan Mehta said.

Reliance Brands currently has brand partnerships for Diesel, Ermenegildo Zegna, Hamley's, Kenneth Cole, Paul & Shark, Quiksilver, Roxy, Steve Madden and Timberland.

PTI