Misinterpretations over a previous announcement regarding an agreement reached between Pandora and Trollbeads has the latter clarifying the situation.
“It is correct that Trollbeads has entered into an agreement with Pandora related to design of selected glass charms by founder Lise Aagaard,” says Jan Stig Andersen, chief executive officer (CEO) of Trollbeads A/S.
“With this agreement, Trollbeads is awarded payment for designs and guidance provided by Lise to Pandora several years ago, and besides its instant positive financial effect, it does not impact on Trollbeads’ current or future business whatsoever.”
On March 15, the companies announced that Pandora Production Co. Ltd., a subsidiary company, had signed a deal with Trollbeads related to design of selected glass charms. The deal—which replaces a previous long-term royalty agreement to supply certain glass beads to Pandora—calls for a one-time payment of DKK 190 million ($33 million Cdn) to be paid in the first quarter of this year.
The announcement of the royalty payment had given rise to uncertainty whether Pandora would take over future intellectual property rights to Trollbeads designs, which the company says, is not the case.
