Lost International has entered into a strategic licensing agreement with an investment group led by Nick Agakanian, a prominent manufacturer and inventory logistics operator in Asia, North America and Central America.
In the new agreement, Irvine, CA-based Lost will continue to design, merchandise, market and sell the brand out of its Irvine offices, while manufacturing, sourcing and financing will come from the new partner, based in Chino, Calif. The agreement covers apparel, accessories, and skateboards, in all domestic and select global territories.
The move is spurred by the current state of the industry says Joel Cooper CEO of Lost International:
“In today’s market it is difficult to compete with large brands without having comparable financial capabilities. This deal provides us with the resources to do just that. For the first time Lost can now compete on a level playing field.”
Agakanian, who has been named CEO of the newly formed Lost Holdings, had this to say:
“Lost is a leading surfboard, skateboard, and apparel brand, in our industry, our mission is to capitalize on the strengths of the brand and provide infrastructure and logistics to grow the brand in the established distribution channels it currently markets.”
Matt Biolos and Mike Reola, co-founders of Lost are excited by this new venture.
“With proper financing and a sophisticated infrastructure we are now ready to compete,” Biolos said.
“Both parties stand to benefit from the new arrangement. With this new fresh capital injection we are given the ability to capitalize on the success of our women’s line, ‘Sea Gypsies,’ and expand to grow our distribution in the core stores we currently serve,” Reola added.
Read more at http://business.transworld.net/news/lost-announces-new-business-venture-with-new-manufacturing-partner/#HYqyFTH1QoEb72jW.99
