NEW YORK–Iconix and Novel Fashion Brands of Hong Kong have completed the structure of Iconix China, their joint venture which will market the Iconix brands—including its Cannon, Fieldcrest, Royal Velvet and Charisma home-textiles offerings—in China.
Veronica Chou, a former executive with Citibank with a background in the apparel industry in China and the United States, has been named president of Iconix China, which will be headquartered in Hong Kong. Lei Chen has been appointed executive vice president of merchandising for the Asia-Pacific region, responsible for coordinating the integration of Iconix’s brand portfolio with local partners in China.
When the joint venture was announced in May, Iconix said it would identify companies in China that have the potential to go public, and provide them with an Iconix brand, along with marketing and brand-management support, in exchange for an equity stake in the companies. Iconix China will also look to acquire interests in other Chinese and Asian brands, and receive royalties from existing Iconix license agreements in the territory.