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Burberry to end its Japanese clothing licence in 2015
03 Oct '09
1 min read
Burberry Group plc announces an amendment to its apparel licence with Sanyo Shokai Ltd and Mitsui & Co., Ltd in Japan.
• The licence agreement will now expire in June 2015 (previously 2020).
• In the year to 31 March 2010, Burberry will receive higher royalty payments than previously planned, which will increase operating profit by approximately £4m.
• Enhanced performance criteria based on higher levels of production have been introduced from 1 January 2011 until the expiry of the licence agreement.
Angela Ahrendts, Chief Executive Officer of Burberry, said: “Japan is a strategically important market for Burberry, where we continue to review all opportunities available to us. This amendment to the licence agreement will add to our profitability in the near term. Together with the luxury non-apparel joint venture announced last November, the amendment also better positions Burberry in the next few years to optimise its presence in Japan and the high growth Asian region.”
• The licence agreement will now expire in June 2015 (previously 2020).
• In the year to 31 March 2010, Burberry will receive higher royalty payments than previously planned, which will increase operating profit by approximately £4m.
• Enhanced performance criteria based on higher levels of production have been introduced from 1 January 2011 until the expiry of the licence agreement.
Angela Ahrendts, Chief Executive Officer of Burberry, said: “Japan is a strategically important market for Burberry, where we continue to review all opportunities available to us. This amendment to the licence agreement will add to our profitability in the near term. Together with the luxury non-apparel joint venture announced last November, the amendment also better positions Burberry in the next few years to optimise its presence in Japan and the high growth Asian region.”
Burberry Group plc
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