OXFORD University is stepping up its efforts to sell one of its biggest global assets - its brand name.
The university has been cautious in exploiting the commercial potential of the Oxford University name. But with millions to be earned from merchandising opportunities with anything from champagne to baby clothes, Oxford has signalled that it is increasingly willing to trade on its good name.
Plans to expand Oxford University's range of branded products could boost its income by up to £5m. It comes at a time when the university library service is beset by a £1m annual deficit and millions of pounds are being earmarked to create a new Oxford University campus on the Radcliffe Infirmary site. From autumn, the university's High Street shop will stock scientific toys, games and garden tools, adding to its already wide range of licensed merchandise. Oxford Limited, a university subsidiary, runs the licensing programme for items which bear the official belted arms logo in the shop and a showroom in New Inn Hall Street.
Oxford trademarked its crest in 1993 and makes £400,000 a year from licensing its use. Mike Davis, managing director of Oxford Limited, said he hoped to increase that figure to more than £5m over the next five years. He said: "We believe the business potential is of that and more, looking at other models and institutions which do this type of thing. The important thing is, it is not just about the university shop. One of the things we are trying to do is to take some of the knowledge and expertise over into products which have a broader market appeal."
Mr Davis said Oxford Limited was "truly global" and had partners in America, Japan and China. The university is sending brand licensing packs to companies across the world, inviting them to exploit the quintessential British heritage of the crest. It recently licensed toy manufacturer USI to produce the Oxford Discover and Explore Young Scientist range. Items like crystal radios and lemon-powered clocks, microscopes and globes bearing the names of famous Oxford scientists will be in the shops in time for Christmas. Harrods has accepted the entire series and negotiations are in progress to exploit the range nationwide. Expertise from departments across the university is being poured into products under development, including historical board games, croquet sets and men's accessories featuring images from the nuclear physics department.