Pandora has announced that it will pay Trollbeads £21.9m ($31.8m) for all intellectual property rights relating to glass bead designs created by Trollbeads founder Lise Aagaard.
In a press statement Trollbeads CEO Jan Stig Andersen said the payment only related to an historic agreement between Aagaard and Pandora and therefore “besides its instant positive financial effect” would have no impact whatsoever on Trollbeads’ current or future business.
“The new agreement entails that Trollbeads sells all intellectual property rights to certain designs to Pandora for an amount of £21.9m ($31.8m) in a one-time payment in the first quarter of 2013,” he said, adding that the agreement replaces a former long-term royalty agreement.
He said speculation that Pandora had bought all of Trollbeads glass bead designs was wrong as the payment “related only to a historic agreement”.
“Trollbeads is the original charm bead jewellery brand, and the company will continuethat creating unique and highly individual bead designs exclusive to the brand.”
Chris Scanlan, the marketing manager of local Trollbeads distributor RJ Scanlan & Co, was also quick to reassure retailers and customers that the agreement will not affect the company.
“Lise Aagaard has been awarded payment for providing glass bead making guidelines and designs to Pandora to enable the company to develop glass beads for sale under the Pandora name,” he said. “The agreement has no impact whatsoever on Trollbeads.”
He said the agreement highlighted the fact Trollbeads was the original charm bead jewellery brand and that it was Lise Aagaard as its founder who mastered the techniques for the glass bead designs.