New Callanen-Guess License Ends Dispute with Fossil

Callanen International Inc., a wholly owned subsidiary of Timex Corp., has signed a new exclusive 10-year worldwide license agreement with Guess? Inc., ending a public dispute with Fossil Watches and a threatened multimillion- dollar lawsuit. The new pact, which runs through 2016, authorizes Callanen to continue designing, marketing, and distributing Guess fashion watches, as it has for more than two decades. Its current license ends Dec. 31, 2006. The new pact starts Jan. 1, 2007, and includes a five-year option to renew. The agreement calls for Callanen to establish a separate company to manage the distribution and marketing of Guess watches. “A substantial portion” of Callanen's business, according to Callanen documents, derives from revenues from Guess watches, which generate approximately $150 million in annual worldwide sales. The Sept. 28 announcement of the new licens
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