LONDON (ShareCast) - Fashion brand group Marchpole has settled its long-running licensing agreement dispute with designer Ozwald Boateng.
Under the terms of the settlement, Marchpole has extended its manufacturing and distribution licence with Ozwald Boateng and will not make any contractual payments for the next three years to Bespoke Couture, Boateng's company.
The deal will save Marchpole £1m, with Bespoke Couture also agreeing to reimburse Marchpole £137,500 of legal fees.
"We are very pleased that these legal proceedings have now been finally concluded and that we have reached such a favourable settlement out of court," Michael Morris, executive deputy chairman of Marchpole commented.
