[1] Examples of intangible assets include a song ("Over the Rainbow"), a character (Donald Duck), a name (David Beckham), or a brand (Rolls-Royce).
A concept established in British business, the world's first licensed character was a soft toy of Peter Rabbit, a fictional character created by Beatrix Potter and patented in 1903, to be sold alongside the first public edition of The Tale of Peter Rabbit.
[2][3] Merchandise of Peter and other Potter characters have been sold at Harrods department store in London since at least 1910 when the range first appeared in their catalogues.
[2][3] Trademark licensing also has a rich history in American business, largely beginning with the rise of mass entertainment such as the movies, comics and later television.
Mickey Mouse's popularity in the 1930s and 1940s resulted in an explosion of toys, books, and consumer products with the lovable rodent's likeness on them, none of which were manufactured by the Walt Disney Company.
McDonald's play food, Burger King T-shirts and even ghastly Good Humor Halloween costumes became commonplace.
When brand managers enter or extend into new product categories via licensing they create an opportunity for a licensee to grow their company.
[8] For example, L'Oreal Group holds the fragrance and beauty licenses for Yves Saint Laurent, Giorgio Armani, Valentino, Prada, Ralph Lauren, and more.
In 1995, Kim Soo-jung, its creator, established a company named 'Dooly World' and went into the character design industry.