Online based retail giant Asos has today announced that it has settled ongoing trade mark infringement disputes with two European companies, namely Assos and AnsonÂs Herrenhaus. Assos is a specialist manufacturer and retailer of high performance cycle-wear. It was established in the 1970Âs and is renowned for its innovative apparel. AnsonÂs was founded in 1989 and is a multi-brand menswear retailer selling premium brands including Polo Ralph Lauren, BOSS and Belstaff.
The London-listed company has agreed it will pay a total of Â£20.2m in cash to Assos and AnsonÂs- this will represent a Âfull, final and global settlementÂ of all outstanding litigation with both Assos and AnsonÂs and further it will Âsecure a comprehensive co-existence for all partiesÂ.
AsosÂ chief executive, Nick Beighton commented ÂWe are pleased to have put this litigation behind us. Entering into this settlement at this juncture is the right commercial decision for our businessÂ.
The case had resulted in ÂseveralÂ court hearings. As well as multiple trade mark registry applications around the world.
The payment will be reported as an exceptional item in the fashion retailerÂs full-year results.