Lovable enters into brand sub-licensing pact with Global Merchandising

Mumbai: Lovable Lingerie Ltd has entered into a brand sub-licensing agreement with Global Merchandising (an overseas company of Adidas Group) to manufacture, distribute and sell its products in the Indian market, the company said in statement to BSE.

The development caused its stock to jump 20% and close at Rs440.15 on Monday even as the BSE’s benchmark Sensex moved up marginally by 0.02% to close at 27,874.73 points.

The agreement is for a period of one year and can be extended by another two years following the terms and conditions stipulated in the agreement. The agreement allows Lovable Lingerie to expand the market operations of the company by using the brand and developing its reputation, it said in its statement.