Yahoo Finance Sanderson Design Group shares soar on Next licensing deal
Shares in high-end home furnishing company Sanderson Design rocketed as it agreed a £2.6 million deal with Next to sell its Clarke & Clarke line of products at the retail giant’s shops.
Clarke & Clarke bedding, towels, tableware, furniture and lighting will be available in Next stores and online from Spring/Summer 2024, as part of a five-year licensing deal.
This is the first major licensing agreement for the Clarke & Clarke brand.
“We are delighted to sign this master licensing agreement with Next for Clarke & Clarke, marking a significant strategic development for the brand,” Sanderson CEO Lisa Montague said. “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.”
Sanderson shares were up 15.5% to 136.9p today.
Sanderson and Next had previously partnered to sell Morris & Co. womenswear in a deal signed in May 2021.
Next CEO Lord Wolfson said he was excited to expand the partnership between the two businesses.
"We are delighted to have this opportunity to deepen and strengthen our working relationship with the Sanderson Design Group,” he said. “We anticipate the combination of timeless Clarke and Clarke design with Next’s sourcing, online and retail capabilities will deliver exciting new products to customers in the UK and beyond."
