ASOS have committed to paying a £20.2 million lump sum over trademark disputes.
The online fashion retail giant has been embattled with cycle brand Assos and a menswear retailer called Anson‘s over trademark issues since October 2013, when the court originally dismissed Assos‘ case.
However, the brand has now reached a deal with the Swiss cycle brand and German menswear outfit, agreeing to pay £20.2m in cash in a full final and global settlement which settles the dispute between the three brands.
This follows numerous court cases and various global trademark registry actions.
“We are pleased to have put this litigation behind us. Entering into this settlement at this juncture is the right commercial decision for our business,” ASOS chief executive Nick Beighton said.