Mossimo, Inc. announced that Target Corporation has exercised its option to renew its current agreement with Mossimo, Inc. for an additional term of two years.
In March of 2000, the company entered into a multi-product licensing and design services agreement with Target Corporation. Under terms of the agreement, Mossimo, Inc. provides design services and licenses the Mossimo trademark to Target Corp. in the U.S., in return for license royalties and design service fees.
Under the Target Agreement, Target has the option to extend the term of the agreement if certain conditions are satisfied. Target has exercised its option to extend the term of the Agreement to January 31, 2008. Target has exercised its option to extend the term of the Agreement to January 31, 2008.
