MUMBAI (Reuters) - Reliance Brands, part of Mukesh Ambani-owned Reliance Industries (RELI.NS), has signed an equal joint venture with Iconix Brand Group (ICON.O) of the US to acquire the rights of 20 lifestyle brands in India, the Times of India newspaper reported.
The brands, which have a combined retail revenue of $12 billion globally, include London Fog, Ed Hardy, Mossimo and Mudd, the report said.
The report did not have any financial details of the deal.
Reliance Brands will buy a 50 percent stake in Iconix India, a unit of the U.S. company, the report said.
Iconix India will license the brands to local retailers in return for royalty payments and the joint venture will keep the brand management, marketing and business development rights for all the brands, the report said.
Reliance Brands has paid a significant upfront amount to purchase the stake and the rights, the report quoted Reliance Brands chief executive as saying.
Reuters could not immediately reach Reliance Brands and Iconix Group for a comment.
Reporting by Nandita Bose; Editing by Rajesh Pandathil