Reliance Brands, Iconix Form JV For 20 Brands In India - Report
February 21 2012 - 10:38PM
Dow Jones News
Reliance Brands Ltd. and Iconix Brand Group Inc. (ICON) have
formed an equal joint venture which will own and manage 20
lifestyle brands in India, the Times of India reported
Wednesday.
"The India ownership of the brands is vested with the joint
venture company for perpetuity. We paid a fairly significant
upfront amount to purchase the stake and the rights," the report
cited Reliance Brands Chief executive Darshan Mehta as saying.
Reliance Brands, a unit of Reliance Industries Ltd. (500325.BY),
didn't give the value of the deal.
But the Times of India said the 20 brands include Ed Hardy,
Mossimo and London Fog and that they operate mostly in fashion
apparel, home decor and electronics with a total global retail
revenue of $12 billion.
Newspaper website: http://www.timesofindia.com
--By Mumbai Bureau, Dow Jones Newswires; 91 22 6145 6100;
djn.in@dowjones.com
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