Vestel licenses Daewoo TV brand for Europe and Central AsiaFriday, May 21st, 2021
Signing of Brand Licensing Agreement Posco International Corporation for the Daewoo Brand
In line with the Company’s goal to bolster its position in international markets and enhance collaboration with global trademarks, Vestel’s wholly-owned subsidiary, Vestel Ticaret AŞ signed a brand licensing agreement with Posco International Corporation on May 20, 2021 for the development, production, sales, marketing and distribution of televisions and household appliances under the license of Daewoo brand in 49 countries including the EU and CIS countries as well as Russia and Turkey. The agreement will become effective on July 1, 2021 and will be valid for ten years. The brand licensing agreement aims to enhance Vestel’s competitiveness and branded sales in domestic and export markets.
Since a final agreement was not certain at the stage of the signing of the memorandum of understanding, within the scope of the Capital Markets Board’s Communiqué on Material Events Disclosure, the Company’s Board of Directors resolved to postpone the public announcement until the signing of a binding agreement in order not to mislead investors and weaken the Company’s bargaining position during the process. This disclosure is made as the reason for the postponement has been lifted with the signing of the final agreement.