Reliance-Iconix Joint Venture Acquires Lee Cooper Trademark Rights for India

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Reliance-Iconix joint venture acquires the rights to the Lee Cooper brand for India.

New Delhi: A joint venture (JV) between Reliance Brands and Iconix Brand Group, based in the United States, has acquired the intellectual property (IP) rights of British denim clothing brand Lee Cooper for India. Previously, the distribution and manufacturing rights to it were held by Future Lifestyle Fashions, run by Kishore Biyani, a Future Group company that operates the Central and Brand Factory outlets.

Many analysts believe that Reliance Brands will be able to manufacture and distribute Lee Cooper branded products in India. Additionally, development is gaining momentum as Reliance Retail Ventures, a subsidiary of billionaire Mukesh Ambani, billionaire-controlled Reliance Industries Limited (RIL), signed a pact with 7-Eleven to launch the convenience store format. well known in India, a few days after the company based in the United States. convenience store chain based has ended its deal with the besieged Future Group.

Acquisition will enable Iconix Lifestyle India to expand Lee Cooper’s presence in India by enabling brand distribution across all retail channels while strengthening marketing and brand management, according to a joint statement released by both companies.

Darshan Mehta, Managing Director of Reliance Brands and Director of the Board of Directors of Iconix Lifestyle India, said You: “Lee Cooper has also established a very strong footwear market presence, so between Lee Cooper Clothing and Lee Cooper footwear it has been a very large and powerful business. ”

The joint venture between Reliance and Iconix already owns 24 fashion and home brands in the Iconix portfolio, including Ed Hardy. In addition, Reliance has forged links with international brands such as Burberry and Jimmy Choo through franchises and joint ventures.

The daily quoted an unidentified senior industry executive as saying, “Lee Cooper terminated the deal with Future Lifestyle Fashions a few months ago.” After the transaction with Iconix Brand Group, Iconix Lifestyle India will become the licensor and obtain the right to appoint a licensee for the brand in India. Reliance Retail will likely become the licensee.

In 2013, Iconix Brand Group acquired Lee Cooper from private equity firm Sun Capital Partners for $ 72 million. Future Group has signed an agreement with Reliance Retail for the sale of the majority of its assets, including Future Lifestyle Fashions to the latter for Rs 24,700 crore. U.S. online retail giant Amazon has taken Biyani and the Future Group to court after the deal with Reliance was struck.

Bob Galvin, Chairman and CEO and Chairman of Iconix Brand Group Inc and Director of the Board of Directors of Iconix Lifestyle India Private Limited, said, “Obtaining Lee Cooper’s intellectual property rights aligns with” our long-term strategic approach to increasing our brand presence in India. We have a very strong commitment to continued success, and this development offers the opportunity to operate directly in a growing market and bring this iconic, high-quality brand to a new audience. ”

Born in 1908, with her heritage in denim, today Lee Cooper is a multi-category and mixed brand with a presence in 126 countries, 7,000 outlets and more than 2 million social subscribers, the company said. in a press release.

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