Look out Ralph Lauren, Liz Claiborne, and Christian Dior because here comes Hokie licensed products.
The Virginia Tech Licensing & Trademark Department today announced that it had a record year for the sales of Virginia Tech products. For the fiscal year '02-'03, a total of $833,902.00 in royalties was collected from almost 500 licensees manufacturing Virginia Tech products. The previous record of $758,255.00 was paid in the fiscal year '00-'01. Over the past five years licensing revenue has gone from $251,178.00 to $833,902.00.
These licensing revenues represent an 8% royalty that is paid on the wholesale cost of the goods by the manufacturers. It is estimated that over $20 million of Hokie products were sold at retail last year.
In these tough economic times the fact that everyone is wearing a Hokie sweatshirt is really appreciated by Virginia Tech students who receive financial aid. The vast majority of the licensing revenue goes to the university general scholarship fund.
"We are really excited with these figures and glad that we can help some students pay for their college education," said Locke White, director of licensing. "With the programs we have in the works and another successful football season, we expect to go over a million dollars in licensing revenue."