Common use of Store Development Clause in Contracts

Store Development. (a) Licensee shall use commercially reasonable best efforts to develop, exploit and maintain in the Territory the market for the Licensed Products in keeping with the prestige of the Trademarks and the high quality products associated therewith. Notwithstanding the generality of the foregoing, provided this Agreement has not expired or been terminated, Licensee shall at all times: (1) during the ten (10) year period commencing on April 1, 2021 own and operate not less than 5 stores, shop-in-shops and other high-end points of distribution in the Territory; and (2) during the ten (10) year period commencing on April 1, 2031 own and operate not less than 8 stores, shop-in-shops and other high-end points of distribution in the Territory. Licensor and Licensee shall enter into such additional agreements as are necessary for Licensee to own and operate stores, shop-in-shops and other high-end points of distribution in the Territory. (b) All aspects of the design and decoration and, as applicable, the renovation, of all Stores, including without limitation the materials, fittings, fixtures, furnishings, signs, decoration, equipment and interior and exterior design must conform with Licensor’s specifications and the quality of the same shall be subject to Licensor’s approval. Fixtures may be purchased by Licensee only from vendors and sources approved by Licensor. Licensee shall obtain (at Licensee’s expense) the services of such store designer as Licensor may reasonably designate in connection with the design and decoration of the first Store in the Territory. Thereafter, Licensee may designate its own architect in connection with the design and decoration of each Shop and Store, but shall cause such architect to work cooperatively and in good faith with Licensor in connection with the development and execution of each such project. Each Store shall, unless otherwise agreed by Licensor in its sole discretion, be owned and operated solely by Licensee in accordance with the Retail Store Requirements set forth in Schedule 6.4 annexed hereto and, except as expressly otherwise set forth in such Retail Store Requirements, on all of the terms and conditions set forth herein.

Store Development. (a) Licensee shall use commercially reasonable best efforts to develop, exploit and maintain in the Territory the market for the Licensed Products in keeping with the prestige of the Trademarks and the high quality products associated therewith. Notwithstanding the generality of the foregoing, provided this Agreement has not expired or been terminated, Licensee shall at all times: (1) during the ten (10) year period commencing on April 1, 2021 own and operate not less than 5 15 stores, shop-in-shops and other high-end points of distribution in the Territory; and (2) during the ten (10) year period commencing on April 1, 2031 own and operate not less than 8 30 stores, shop-in-shops and other high-end points of distribution in the Territory. Licensor and Licensee shall enter into such additional agreements as are necessary for Licensee to own and operate stores, shop-in-shops and other high-end points of distribution in the Territory. (b) All aspects of the design and decoration and, as applicable, the renovation, of all Stores, including without limitation the materials, fittings, fixtures, furnishings, signs, decoration, equipment and interior and exterior design must conform with Licensor’s specifications and the quality of the same shall be subject to Licensor’s approval. Fixtures may be purchased by Licensee only from vendors and sources approved by Licensor. Licensee shall obtain (at Licensee’s expense) the services of such store designer as Licensor may reasonably designate in connection with the design and decoration of the first Store in the Territory. Thereafter, Licensee may designate its own architect in connection with the design and decoration of each Shop and Store, but shall cause such architect to work cooperatively and in good faith with Licensor in connection with the development and execution of each such project. Each Store shall, unless otherwise agreed by Licensor in its sole discretion, be owned and operated solely by Licensee in accordance with the Retail Store Requirements set forth in Schedule 6.4 annexed hereto and, except as expressly otherwise set forth in such Retail Store Requirements, on all of the terms and conditions set forth herein.