* Mossimo to be available in 170 stores in India in 2011
* Stores to be owned or franchised by Arvind
Arvind, which runs retail chain Megamart, will hold the exclusive multi-year license to manufacture and distribute Mossimo apparel and accessories throughout India, the companies said.
“India’s growing middle class has a preference for American brands and retail outlets are quickly developing, making this a prime time for our expansion into the marketplace,” Iconix Chief Executive Neil Cole said in a statement.
Under the long-term Direct-to-Retail agreement, Mossimo will be available in 170 stores in India owned or franchised by Arvind, and will be launched in spring this year, the companies said.
Iconix owns and licenses brands including Candie‘s, Joe Boxer, Badgley Mischka and Peanuts, and sells its products to retailers like Target Corp (TGT.N), Wal-Mart Stores Inc (WMT.N) and Kohl’s Corp (KSS.N) in the United States.
Iconix shares closed at $20.02 on Monday on Nasdaq, while Arvind closed at 72.20 rupees on Tuesday on the Bombay Stock Exchange. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Gopakumar Warrier)