The new agreement is on a rolling four-year basis, rather than the previous fixed-term arrangement due to end in March 2023.
Russell Hobbs is a British heritage brand for which Ultimate Products has had the licence for cookware lines since 2011. The current Russell Hobbs offering spans a range of non-electrical kitchen and laundry products designed to help with chores in the kitchen and beyond.
In FY22, Ultimate Products generated unaudited revenues of £20.2 million under the Russell Hobbs trademark, representing 13.1% of its total revenue for the period. Following the group’s acquisition of Salter Brands in July 2021, Russell Hobbs is the only licence agreement which Ultimate Products operates.
Simon Showman, chief executive of Ultimate Products, commented: “We are delighted to continue our relationship with Spectrum Brands and are privileged to be able to use the Russell Hobbs trademark on a range of non-electrical kitchen and laundry products.
“Moving from a fixed-term arrangement to a rolling four-year contract decreases the ongoing licence risks, allowing us to focus on the long-term growth of the brand, which will increase the benefits of the partnership for both Spectrum Brands and Ultimate Products.”
