Target Drops Cherokee Brand

Target Corp. (Minneapolis) announced that it will not be renewing its license of Cherokee Global Brands (Van Nuys, Calif.) products. The current licensing agreement is set to expire in January 2017. The move ends a two-decade partnership between the two companies.

Cherokee has received $15 million in royalties from Target this year. Yahoo! Finance reports this partnership makes up 43 percent of Cherokee’s total revenue for 2015.

After the announcement of the end of the partnership, Cherokee shares fell 33 percent.