Mid August 2012

Quiksilver to form joint venture with Reliance Industries


Industry Updates

Reliance formed JV with Iconix Brand earlier this year

Surfersvillage Global Surf News, 14 August, 2012 : - - Quiksilver is planning to form 51:49 JV in India, which will help the former to consolidate India sales in its global revenue. The NYSE-listed Quiksilver, through a European subsidiary, has sought permission from the Indian Government to float a 51:49 JV with Reliance, with which it had a distribution agreement till now.

Quiksilver will own 51% stake under the single brand FDI, while Reliance will continue to manage the local operations. Last January, Reliance Brands had signed a 25-year agreement with California-based Quiksilver Holdings to open and operate its stores across India, Sri Lanka, Nepal and Bangladesh.

Reliance Brands is part of the Reliance Industries Group. It began operations in October 2007 with a mandate to launch and build international and domestic brand equity in the premium to luxury segment across apparel, footwear and lifestyle business.

This February, Reliance formed JV with Iconix Brand Inc, grabbing the ownership rights of 20 international lifestyle brands. The company has partnered with brands including big boys like Diesel, Hamleys, Ermenegildo Zegna, Kenneth Cole and Timberland.

Read the full article by Charmi Gutka at Dealcurry.com

Source: Dealcurry.com

Author: Charmi Gutka

Tags: Quiksilver, Iconix, 51:49 JV, India, Australia

Industry: Surfersvillage

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