Minneapolis — Holder of the Polaroid-branding license, PLR IP Holdings, said Wednesday that it has completed an exclusive five-year license agreement with the Summit Global Group to produce and distribute Polaroid-branded digital still cameras, digital video cameras, digital photo frames and Polaroid PoGo mobile products worldwide.
PLR said the partnership is expected to generate more than $1.3 billion in retail sales beginning in 2009.
The Summit Global Group is a world-wide consortium of design, development and distribution firms for imaging products. The company has headquarters in Salt Lake City with offices in New Jersey, Minnesota, Boston, Hong Kong and China.
Summit Global has been a partner to the Polaroid brand for more than eight years, PLR said. It recently added several former Polaroid employees to its staff to ensure continuity.
Polaroid recently became part of a portfolio of brands jointly owned and managed by Gordon Brothers Brands and Hilco Consumer Capital. The companies said Polaroid is extending into a full-scale, global licensing and marketing company to wholesale, direct-to-retail (DTR) and e-commerce channels.
“We are pleased to continue our relationship with Summit Global as we move into a new era for the Polaroid brand,” stated Scott W. Hardy, PLR IP Holdings president, the entity that owns the Polaroid brand. “Summit Global’s leadership in digital imaging is sure to uphold and exceed customer expectations as we relaunch our iconic brand into relevant new product categories.”
“Our exclusive partnership provides an immense opportunity to reconnect consumers with the Polaroid experience they have enjoyed for years through the introduction of relevant digital products,” said Giovanni Tomaselli, managing director of Summit Global.
The agreement further develops and validates the strength of the Polaroid brand, and supports PLR IP Holdings’ strategic objective to diversify product category growth in established and emerging markets.
