Fashion brand management group Marchpole Holdings has settled out of court in its licensing agreement dispute with Ozwald Boateng.
Under the terms of the settlement, Marchpole has extended its manufacturing and distribution licence with the brand. The company will not have to make any contractual payments to Ozwald Boateng's parent company Bespoke Couture Limited, which will produce a saving of over £1 million for Marchpole.
Marchpole executive deputy chairman Michael Morris said: "We are pleased that these legal proceedings have now been finally concluded and that we have reached such a favourable settlement out of court. Our commitment to the Ozwald Boateng brand has never faltered and we look forward to working with Bespoke Couture Limited."