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Strategies for Allocating Long-Term Value in Fashion and Apparel License Agreements
Fashion and apparel goods are an important source of branding opportunities for artists and celebrities. One of the most vexing economic issues in fashion and apparel licensing deals is the task of allocating the long-term value of a branded product launch. If a branded product line is not generating significant sales volume in the early years of a license, the celebrity licensor may prefer to terminate the existing license agreement in order to enter into potentially more lucrative arrangements. Conversely, the fashion/apparel licensee may have invested significant financial resources to develop and promote the brand and wants to reap the long-term economic benefits of the brand's eventual success.
Contractual Remedies
There are a variety of contractual arrangements that can address these apparently conflicting interests, but these agreements require that the parties address the issue at the time they initially structure their business and legal relationship. Certainly, the most comprehensive way to address this issue is by creating a partnership or joint venture that shares equity ownership of the brand and binds the parties together on a long-term and formal basis. However, the economic issues also can be addressed within the framework of a fashion/apparel license agreement through well-drafted renewal rights, rights of first refusal or first negotiation, and put/call rights.
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