Polaroid® Brand Announces Partnership with the Summit Global Group of Companies
Minneapolis, MN — PLR IP Holdings, LLC announced today the completion of an exclusive 5-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 PoGoTM mobile products world-wide. The partnership is expected to generate over $1.3 billion in retail sales beginning in 2009.
A noted leader in the imaging industry, Summit Global has been a trusted partner to the Polaroid brand for over eight years and, recently, added several former Polaroid Corporation employees to its staff, bringing continuity to the venture.
“We are pleased to continue our relationship with Summit Global as we move into a new era for the Polaroid brand,” said Scott W. Hardy, President of PLR IP Holdings, the entity that owns the Polaroid Brand. “Summit Global’s leadership in digital imaging is sure to uphold and exceed customer expectations as we re-launch 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.
Dating back to 1937, Polaroid is one of the most widely-recognized consumer brands in the world. Beginning with polarized sunglasses, the brand proliferated into instant film, instant cameras and film, and expanded well beyond into flat panel televisions, portable DVD players, digital photo frames, digital HD camcorders, waterproof digital cameras and more. The Polaroid brand has created an “innovation-made-simple” platform that continues to have global appeal in
today’s market. Now part of a portfolio of iconic brands jointly owned and managed by Gordon Brothers Brands (www.gordonbrothers.com) and Hilco Consumer Capital, Polaroid is leveraging its innovative and pioneering heritage and extending into a full-scale, global licensing and marketing company to wholesale, direct-to-retail (DTR) and e-commerce channels.
About the Summit Global Group of Companies
The Summit Global Group is a world-wide consortium of leading design, development and distribution firms for imaging products. Headquartered in Salt Lake City, and with offices in New Jersey, Minnesota, Boston, Hong Kong and China, Summit Global manages the licensing, production and distribution needs for a global clientele.