LIM College is known for great programs in the business of fashion and career development services and events.
On February 3, our Office of Career & Internship Services (CIS) held a Licensing 101 “bootcamp” that included a presentation and Q&A with professionals from Licensing International.
Maura Regan, President of Licensing International, got students excited for their Fashion Forward X Authentic Brands Group projects by introducing them to the world of licensing through a fun video showcasing the brands their company works with.
This event allowed students to learn about licensing with domestic and international brands. For those unfamiliar with this world, “licensing” is giving a third party the legal opportunity to use your brand's intellectual property (IP).
At LIM, we focus not only on fashion and apparel brands, but also cross over into other industries, such as entertainment, sports, and more.
Gisela Abrams, a colleague of Maura's, shared a presentation about the basics of licensing. Students got an in-depth look at how the process works and the benefits of working in the field.
The main takeaways were:
- Licensing is a powerful form of marketing and brand extension.
- Money management is important to understand when developing contracts with brands of all industries, especially fashion.
- The largest industries in licensing are apparel, toys, and accessories.
- The US and Canada are the largest licensing regions, while Asia is growing rapidly.
- Using emotion in licensing is important for building customer trust and brand loyalty.
Licensing basics include:
- Knowing the length of terms for contracts (usually two years)
- Being specific with locations (listing specific products and specific countries and regions)
- Knowing the process for being a licensor (the person/ group selling their IP)
- Knowing the process for being a license receiver (the brand/company obtaining the IP and using the name on it)
A huge thank you to CIS for putting this together, Eurydice Sanchez for hosting, and the Licensing International team for sharing great information. These presentations homed in on what licensing is all about and how students can utilize it in their work at LIM and in their future careers in the business world.