New Delhi: Iconix Lifestyle India Private, a joint venture between Reliance Brands Ltd and US-based Oconix Brand Group Inc, on Wednesday announced the acquisition of the intellectual rights of iconic British brand Lee Cooper. Reliance Brands Limited (RBL) is part of the retail arm of billionaire Mukesh Ambani-owned Reliance Industries.
How will the acquisition help Iconix Lifestyle India?
The acquisition of IP rights will help Iconix Lifestyle India to expand Lee Cooper's presence in India by enabling the brand's distribution across all retail channels while strengthening marketing and brand management.
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"Lee Cooper’s brand history and unparalleled relevance in the Indian market makes it the most prestigious acquisition for the JV. It’s the go-to denim brand that liberalised India grew up with and its affinity among consumers gives us a strong foundation to rebuild the brand in the country," said Darshan Mehta, managing director of Reliance Brands Ltd and director on the Board of Iconix Lifestyle India Private Ltd.
Bob Galvin, chief executive officer and president of Iconix Brand Group Inc and director on the Board of Iconix Lifestyle India Private Ltd, said: “Gaining Lee Cooper’s IP rights aligns with our long-term strategic approach to growing our brand presence in India." The company believed this development will give the much-needed boost to the group to operate directly in a quickly expanding market and to bring this iconic high-quality brand to a new audience.
Born in 1908, with its specialty in denim, Lee Cooper has emerged as a multi-category, dual-gender brand with its presence across 126 countries, 7,000 points of sale, and over 2 million social followers.
It owns 24 fashion and home brands from the Iconix portfolio for the Indian territory across fashion, lifestyle and home. The brand produces across multiple categories including apparel for men, women and children, footwear, bags, accessories, watches, swimwear, workwear, eyewear, fragrance, homeware and personal electronics.