Blog: Iconix brands in China
Leonie Barrie | 1 May 2008
Today's move by Iconix Brand Group to set up a Chinese joint venture is an astute one on many levels.
China might already be saturated with luxury brands, but Iconix and its partner, Hong Kong based Novel Fashion Holdings, are hoping to tap in to perhaps the most lucrative void in this exciting market – brands that serve the country’s new emerging middle class.
They're looking as at many as seven hundred million middle class consumers in the near future, a mind-boggling number by anyone’s standards. And these people are apparently all searching for individual, genuine, authentic brands they will have seen or heard about in the West.
When it comes to brands, Iconix has them by the bucketload. Candie's, Bongo, Badgley Mischka, Joe Boxer, Rampage, Mudd, London Fog, Mossimo, Ocean Pacific, Danskin and Roca Wear are just some on the labels in its line-up.
But not only does Iconix have a world class portfolio of brands it also has an interesting business model that should help them realise their full potential. Iconix China says it will identify local operating companies with the potential to go public, provide them with one of the Iconix brands as well as marketing and brand management support, in exchange for an equity stake.
Iconix yesterday posted a 43% hike in first quarter profit – which suggests it must be doing something right in the already saturated markets it currently operates in. It’ll be interesting to see whether the Chinese are as hungry for its brands as it hopes.
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