FLF renews license agreement with Lee Cooper, aims to tap footwear market
Future Specialty Retail Limited (FSRL) the fully-owned subsidiary of Future Lifestyle Fashions (FLF) has renewed its license agreement with Lee Cooper and aims to gain a wider market share of the footwear market in India.
The new long-term license agreement for the Lee Cooper brand owned by Iconix Brand Group, Inc will give FLP exclusivity to manufacture and market Lee Cooper clothing and footwear across all distribution channels in India.
Future Lifestyle Fashion had reported net profit of Rs 44 crore (approx $ 7 million) with a revenue of Rs 1237 crore (approx $ 192 million) for the quarter ended December 2017. FLP is optimistic that the renewal of the deal will help it tap the footwear segment in India and also emerge as the country’s leading denim brand.
Speaking about the agreement Rakesh Biyani, Director, Future Group in a statement said, “We are delighted to extend our decade-long association with Iconix Brand Group, Inc. Lee Cooper is one of our most popular brands, across all our markets, both in terms of demand and sales.”
“By extending the product offering to include footwear, Lee Cooper will continue to lead the denim lifestyle segment. Most importantly, this agreement will give us an opportunity to strengthen and enhance our share in the growing footwear market in India,” he added.
Lee Cooper is a British denim brand owned by Iconix Brand Group. It is sold in India at retail outlets like Central, FBB, Brand Factory and exclusive outlets owned by Future Group. The brand is also available on leading fashion stores and online platforms across the country.
Future Lifestyle Fashions ended the quarter with a total of 345 retail stores for all its brands across India.
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