The new owners of the Polaroid brand announced Wednesday that it has reached an exclusive production, licensing and distribution deal with Summit Global Group, continuing the companies' partnership.
The deal covers the making and distributing of a wide variety of Polaroid products, including still photo, digital and video cameras, as well as PoGo mobile products.
The deal is for five years, and the companies expect it to bring in $1.3 billion in retail sales.
“We are pleased to continue our relationship with Summit Global as we move into a new era for the Polaroid brand,” Scott W. Hardy, President of company owner PLR IP Holdings, said as part of the announcement. “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.”
PLR IP was named the new owner of Polaroid after a protracted bankruptcy court battle that followed the collapse of the brand's previous owner, Petters Group Worldwide.