QUICKER ENDING: In a regulatory filing with the Securities and Exchange Commission, Sequential Brands Group Inc., the majority owner of the William Rast brand, said it and J.C. Penney Co. Inc. on Dec. 24 amended the brand’s license agreement so that the deal now will end on June 30, 2014, instead of Jan. 30, 2016. The licensing agreement began in 2011 when Penney’s was headed by then-chief executive officer Ron Johnson.
Under the revised terms, the parties agreed to change the transaction from exclusive to nonexclusive for the duration of the agreement so Sequential can enter into licenses with other parties to market the brand. The Penney’s deal was for multiple product categories, including men’s and women’s apparel and accessories.
Founded in 2005 by friends Justin Timberlake and Trace Ayala, who still have a stake in the label, Rast is positioned as a contemporary brand featuring a denim heritage and biker lifestyle along with a rock ’n’ roll influence. In September, the sportswear component of the brand launched in all 90 Hudson’s Bay doors in Canada.