This past spring, reports surfaced that David Beckham was in talks to develop his own lifestyle brand. And as of Wednesday, it's a done deal.
Global Brands Group, a spinoff of Hong Kong-based consumer goods distribution firm Li & Fung, announced that it has entered into an agreement with Beckham and his business partner Simon Fuller. The deal is described as "a new joint venture to drive the continued development of the Beckham brand globally in new consumer product categories." Beckham and Fuller will together own 50 percent, with Global Brands owning the other 50 percent.
It's a natural next step for Beckham, who has embarked on a number of buzzy collaborations over the past couple of years with global brands including H&M, Belstaff and Adidas.
It sounds like Beckham and Fuller, the man behind everything from "American Idol" to the Spice Girls to Victoria Beckham's growing fashion empire, have been working on the project for awhile, and we expect it won't be long before the first products materialize. And Beckham won't be the sole high-profile ambassador for the brand. Global Brands, whose portfolio includes Calvin Klein, Coach, Rachel Zoe and hundreds more, says the joint venture will also see the launch of global brands "in partnership with a number of other high-profile iconic sports and entertainment stars and rights holders."