Utenos Trikotažas Reaches Settlement With About You GmbH
Aboutwear, a renowned subsidiary of SBA company Utenos Trikotažas, has successfully reached a settlement with the German company About You GmbH, resolving their long-standing trademark dispute over the name 'About.' This marks a pivotal moment for Utenos Trikotažas as they navigate their restructuring phase.
The Terms of the Settlement
Under the agreement, finalized on December 9, the German company will compensate Utenos Trikotažas with EUR 2 million. In return, Aboutwear will transfer ownership of its controlled trademarks to About You GmbH.
Four Years of Legal Discussion
Vytautas Vaškys, the Chairman of the Board of Utenos Trikotažas, expressed relief at reaching this amicable settlement after four years of legal negotiations. He noted, “We are transferring the trademarks associated with 'About' to 'About You GmbH' and ceasing all ongoing legal actions in Europe and Lithuania.”
Strategic Implications for Utenos Trikotažas
This financial compensation is expected to play a crucial role in the ongoing restructuring efforts of Utenos Trikotažas, recently approved by the Panev?žys Regional Court. This plan, which spans over four years, reflects the company’s commitment to realignment and growth.
Rebranding and Future Directions
As part of the settlement, Aboutwear has agreed to discontinue the use of 'About' in its branding, including well-known trademarks such as ABOUT BALTIC UNDERWEAR and ABOUT THE SENSOLOGY OF WEAR, which will now belong to About You GmbH. This move is anticipated to pave the way for a more distinct identity for the company moving forward.
About Utenos Trikotažas
Utenos Trikotažas stands as one of the foremost sustainable knitwear manufacturers in Central and Eastern Europe, specializing in on-demand ready-to-wear production and the development of jersey fabrics tailor-made for prominent international brands. The comprehensive production process encompasses everything from yarn production to the delivery of finished products.
Production Capacity and Export Achievements
Operating three factories located in Lithuania and Ukraine, Utenos Trikotažas has made remarkable strides in the industry. In the first nine months of a recent year, the company fulfilled production orders and offered services valued at €12.2 million, with a significant 80.8% of their production aimed at export markets.
Contact Information
For more information regarding Utenos Trikotažas and its operations, please contact Aurimas Likus, Finance Director, at +370 618 07809.
Frequently Asked Questions
What prompted the trademark dispute between Utenos Trikotažas and About You?
The dispute arose over the use of the trademark 'About,' leading to legal action initiated by Utenos Trikotažas.
How much compensation did Utenos Trikotažas receive?
Under the settlement, Utenos Trikotažas received EUR 2 million from About You GmbH.
What will happen to the trademarks involved in the settlement?
Utenos Trikotažas has transferred trademarks related to 'About' to About You GmbH and will cease their use.
What is the significance of this settlement for Utenos Trikotažas?
This settlement is vital for Utenos Trikotažas as it provides essential funds for their ongoing restructuring process.
What is the focus of Utenos Trikotažas?
Utenos Trikotažas specializes in sustainable knitwear production and serves many leading international fashion brands.
