Photo: Bloomberg

Photo: Bloomberg

Reliance Brands, Iconix form JV

Reliance Brands, Iconix form JV

Mumbai: Reliance Brands, part of Mukesh Ambani’s Reliance Industries, has partnered with Iconix Brand Group to sell the US company’s fashion and home brands in India.

Photo: Bloomberg

The Times of India newspaper reported earlier on Wednesday that the companies signed an equal joint venture for 20 of Iconix’s lifestyle brands, which it said generated total global revenue of $12 billion.

Financial details of the deal were not available.

“We are on our way to achieving our long-term goal of growing international revenue to a third of our total business," Iconix chairman Neil Cole said in a statement.

Reliance Brands will hold a 50% stake in Iconix India, a unit of the US company, the report said.

Reliance Brands’ chief executive, Darshan Mehta, was quoted in the report as saying that it had paid a “significant upfront amount" to buy the stake and the rights.

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