Interior furnishings group Sanderson Design Group PLC has announced that NEXT has extended its licensing agreement for Morris & Co. womenswear for up to two years.
The contract renewal, which starts in April 2023, includes NEXT’s in-store and online channels in the UK and Europe.
The initial NEXT range of Morris & Co. womenswear was launched in May 2021 and has performed strongly since that time. NEXT will use new designs and colourways during the extension period to launch a further range of Morris & Co. womenswear from autumn winter 2023.
Approximately £0.4 million of accelerated income will be recognised in the current financial year in respect of the first year of the two-year extension. A further £0.3 million of accelerated income will be recognised when the second year of the contract is confirmed, which would contribute to the Group’s financial results for the year ending 31 January 2024. The contract includes a break clause after year one, exercisable by either party by the end of October 2023.
Lisa Montague, Sanderson Design Group’s Chief Executive Officer, commented: “We are delighted to renew this Morris & Co. licensing agreement with NEXT, highlighting the strength of our partnership with a hugely successful retailer. 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.”
Lord Simon Wolfson, NEXT’s Chief Executive, said: “We are delighted to be renewing our licensing agreement with Morris & Co. for womenswear. We have an excellent working relationship with the company and look forward to developing it further in the years ahead. The combination of their outstanding designs along with NEXT’s Sourcing, Online and Retail capabilities continues to deliver exciting products for our customers in the UK and beyond.”