US: Iconix sets up Latin America joint venture
Iconix Brand Group Inc, owner of brands such as Candie's, Badgley Mischka, Joe Boxer and Mossimo, is to develop its business in Latin America through a joint venture with New Brands Americas LLC.
The joint venture company, Iconix Latin America, aims to maximise royalty revenue via existing and new licensing agreements for Iconix brands in Mexico, Central America, South America, and the Caribbean.
New Brands has invested $6m in a 50% interest in the joint venture, and will also have an option to purchase rights to future brands acquired by Iconix.
"Having locally based partners with knowledge of the different cultures and markets that comprise this region will significantly accelerate the growth of our brands throughout this territory," said Iconix chairman and CEO Neil Cole.
New Brands is a member of The Falic Group, a Florida based consortium owned and operated by Simon, Jerome and Leon Falic.
The Falic Group is the largest duty free retail store operator in the Americas, owns the House of Christian Lacroix, and distributes luxury brands such as Christian Dior and Gucci.
Iconix Latin America is the second international joint venture for Iconix. In September it teamed up with Novel Fashion Brands Limited, led by Silas Chou and family, to set up Iconix China, which is based in Hong Kong.
In contrast to its joint venture in China, Iconix Latin America will be run as a traditional licensing business with near-term revenue opportunity.
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