Future Retail has received notices for termination of agreements for 'Lee Cooper'
22nd September 2021, Mumbai:
Material subsidiary of Future Lifestyle Fashions, Future Specialty Retail (FSRL) has received notices for termination of agreements for use of Brand Lee Cooper for apparel and footwear. The notice has been sent by the license owner on account of default in financial impact amid pandemic. The license owner has denied FSRL’s request to restore license.
In turn, FSRL has negotiated with present licensee to continue to have distribution rights for Indian territory to distribute products under the Brand Lee Cooper through its owned and third-party (excluding licensee) offline stores The company’s management team observed that all adequate steps are being taken to restore the equivalent size and scale of business and re-align its operations under the proposed distribution rights. The management envisaged that the termination notice would not have any significant impact on its business operations.
