Neil Cole and Silas Chou are teaming up and going after the Chinese middle class with a new joint venture: Iconix China.

Iconix Brand Group Inc., headed by Cole as chief executive officer, will contribute $5 million to the venture and the Chinese rights to its brands, which include Op, London Fog, Joe Boxer and Candie’s.

Novel Fashion Holdings, which is owned and run by Silas Chou and his family, will contribute $20 million to the new Hong Kong-based venture, which might also acquire interests in Asian brands.

China is already saturated with luxury brands, but there is a large void for our brands to serve this new emerging middle class and that is the most lucrative opportunity in this exciting market,” said Chou.

Iconix also reported a 43.1 percent boost in first-quarter net income to $18.2 million, or 30 cents a diluted share. Sales for the three months ended March 31 jumped 80.5 percent to $55.7 million.

For complete coverage, see Friday’s issue of WWD.

 

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