Sanderson Design signs 'major' licensing agreement with Next

22nd Feb 2023 10:08

(Sharecast News) - AIM-listed luxury interior design and furnishings group Sanderson Design said on Wednesday that it had signed a "major" licensing agreement for its Clarke & Clarke brand with retailer Next.

Next will hold a master agreement giving exclusive rights to produce a very broad range of Clarke & Clarke homeware products including bedding, towelling, tableware, furniture and lighting.

The agreement includes a five-year licence period from product launch in spring/summer 2024 following a year of product development by Next. The Clarke & Clarke licensed products will be available in Next stores and online at next.co.uk, and will also be wholesaled to third parties.

Sanderson said accelerated licensing income of £2.6m will be recognised by the group in the current financial year in connection with the agreement, which covers the UK and Eire.

Chief executive officer Lisa Montague said: "We are delighted to sign this master licensing agreement with Next for Clarke & Clarke, marking a significant strategic development for the brand. Clarke & Clarke is already the company's largest brand by revenue and this agreement brings further multi-year income potential along with the endorsement of a major UK retailer.

"We look forward to working closely with Next during the year ahead on the broad and exciting range of homeware products covered by the agreement."

At 0950 GMT, the shares were up 12.7% at 133.50p.