Laura Ashley ends licencing agreement with Japan JV partner Aeon
Source - SMW
Laura Ashley Holdings said it would terminate a distribution agreement in Japan with local partner Aeon in September.
The current master licence agreement grants Laura Ashley Japan the right to own and operate retail stores, as well as the right to license the brand in approved territories.
Following the termination of the agreement, Laura Ashley said it take back the master licensing rights to the Japan, Taiwan and Hong Kong territories.
'There are many loyal Laura Ashley customers in these territories and the company intends to continue to serve them by managing the existing licensees as well as adding new licensees in order to offer an even wider range of products,' Laura Ashley said.
The Laura Ashley Japan stores would all close as of 17 September. However, customers would continue to be able to buy Laura Ashley products in Japan, Taiwan and Hong Kong, the company said.
'The Laura Ashley Brand has been much-loved in Japan for over 30 years, and we see an exciting opportunity to build on this with the master licensing rights back under our management,' chief executive KC Ng said.
'Laura Ashley has a strong future in Japan and we are grateful to Aeon for its co-operation and help in building the brand presence in the region."
At 2:01pm: (LON:ALY) Ashley Laura Holdings PLC share price was +0.05p at 6.35p