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Sanderson Design Group PLC on Monday said that retailer Next PLC has extended its licensing agreement for Morris & Co. womenswear for up to two years.
Sanderson Design is a Buckinghamshire, England-based interior design and furnishings company. It also owns the brand Morris & Co. Meanwhile, Next is a Leicester-based clothing and homeware retailer
Sanderson Design said the the initial Next range of Morris & Co womenswear was launched in May last year.
The contract renewal, which starts in April 2023, includes Next's in-store and online platforms in the UK and Europe. Under the agreement, Next will use new designs and colourways to launch a further range of Morris & Co. womenswear for autumn winter 2023.
The company said that around £400,000 of accelerated income will be recognised in its current financial year, with a further £300,000 recognised when the second year of the contract is confirmed. This will contribute to Sanderson Design's financial results for the year ending January 31, 2024.
The contract includes a break clause after year one, exercisable by either party by the end of October 2023, it added.
Sanderson Design's Chief Executive Officer Lisa Montague said: ‘The agreement demonstrates the confidence that Next continues to have in the potential of the Morris & Co. brand and also the demand from Next's customer base for the interpretation of heritage designs on modern womenswear.’
Shares in Sanderson Design were down 1.0% to 106.45 pence each in London on Monday afternoon.
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