Viewpoints: Brands As a Business Deals Award Goes to NFIP Holdings, LLC + 361 Degrees
LES announced the recipients of its Deals of Distinction™ Awards in five industry sectors: Brands As A Business, High-Tech, Industry-University-Government Interface, Life Sciences and Physical Sciences. Now in its twentieth year, the annual program recognizes companies that orchestrate the year’s most outstanding licensing and business deals in each sector. The awards were presented during the LES Annual Meeting Business Luncheon on October 21, 2024. Key dealmakers were on hand to provide insights on their winning deals.
Dealmakers: NFIP Holdings, LLC + 361 Degrees
Presented by Don Drinkwater, LES Co-Chair Brands As A Business Sector to Alex Locke, NFIP Holdings LLC
In this licensing deal, Bored Ape Yacht Club characters and Chinese retailer 361 Degrees collaborated on a clothing, footwear, and accessory line that debuted in China. Bored Ape Yacht Club (BAYC) is a collection of 10,000 non-fungible tokens (NFTs) on the Ethereum blockchain. Each NFT depicts an Ape with an algorithmically generated set of traits, such as varied eyes, facial expressions, hair colors, and accessories created by Yuga Labs.
NFIP Holdings LLC, the company behind the Bored of Directors brand, spearheaded this collaboration, which transforms these iconic NFTs into fashion merchandise. Partnering with 361 Degrees, a leading sports brand corporation known for its comprehensive approach to research, design, production, and sales, this venture represents the largest partnership for the Bored of Directors to date. The clothing line features over 100 products, including shoes, marking a significant expansion for both brands.
Upon receiving the award from LES, Bored of Directors Founder and CEO, Alex Locke explained, “We looked to the Asian markets and collaborated with a local sub-agent that’s an expert in licensing in China called PPW. Next, we targeted a brand, a licensee retail manufacturer, to do direct to retail, 361 Degrees. From there, we entered into a multi-year, multi-territory, large apparel, accessory, and footwear deal to make products featuring our characters. And pretty quickly, it took off. We partnered with local influencers and celebrities to really capture the phenomenon and movement.”
Further reflecting on the journey, Locke, remarked, “this award represents more than just a deal, but a journey of thinking differently, embracing creativity and breaking traditional molds.” Locke’s expertise in IP and technology transactions has been pivotal in creating a licensable NFT property that bridges digital and physical products—something missing from early meta-fashion ventures.
As previously reported by Forbes, Bored of Directors isn’t just a fashion label; it’s a movement that redefines what it means to be cool. This brand blends emerging technology and digital assets with everyday fashion to create a unique, impactful presence in the global market. Locke believes that the brand’s “bored” or apathetic characters resonate with the sentiments of the global population post-COVID, making them a cultural fit for a world that values individuality with an ironic edge. Bored of Directors has been actively leveraging its intellectual property, placing its iconic Apes on products available at major retailers like Walmart and Fashion Nova, underscoring the rapid expansion of BAYC into global consumer markets.
Read more here:
https://www.kraken.com/learn/what-is-bored-ape-yacht-club
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About Licensing Executives Society (USA & Canada), Inc. (LES):
Established in 1965, LES (USA & Canada) is one of the longest running professional societies supporting the development of members engaged in the creation, commercial development, and orderly transfer of intellectual property. LES members include business executives, lawyers, accountants, consultants, and scientists and engineers; who represent innovation-oriented enterprises of all sizes, professional services firms, universities, and government labs. LES is the largest of 43 global member societies of the Licensing Executives Society International, Inc. (LESI). For more information about LES, visit www.lesusacanada.org.
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