U.K. home furnishing retailer Laura Ashley Holdings plc said Feb. 2 that its master license agreement with Japanese retailer AEON Co. Ltd. will be terminated on Sept. 17.
At present, the license agreement between the two gives Laura Ashley Japan Co. Ltd. the right to own and run retail stores and license the brand in approved territories.
The termination lets Laura Ashley Holdings regain the master licensing rights for the brand in Japan, Taiwan and Hong Kong. The home furnishing retailer plans to manage existing licensees and introduce new licensees in these territories through its own management.
Laura Ashley Japan will close stores on Sept. 17, but the company said customers will still be able to buy Laura Ashley products in these territories.
