Prince Harry and Meghan Leaving the British Royal Family... Solving Financial Issues with the 'Sussex Royal' Brand?

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] The Duke and Duchess of Sussex, Prince Harry and his wife, who announced their decision to leave the British royal family, plan to resolve their financial issues by registering the "Sussex Royal" brand as a global trademark.

According to the British daily The Guardian on the 12th (local time), the couple reportedly submitted an application to the World Intellectual Property Organization (WIPO) last December. The target regions include Australia, Canada, the European Union (EU), and the United States, with the intention of generating revenue by leveraging their brand value in these countries. They plan to use the "Sussex Royal" brand on about 100 products ranging from magazines, cards, clothing, books, stationery, charitable activities, to broadcasting programs. Considering the couple's recognition, the value of the trademark is expected to be enormous. Previously, in June last year, the couple had submitted the Sussex Royal trademark to the UK Intellectual Property Office.

On the 8th, when the Duke and Duchess of Sussex announced their departure from the British royal family, questions about their financial independence have been continuously raised. If they leave the royal family, they must forgo the royal grant, which accounts for 5% of their income, and the income from the Crown Estate, the royal property management foundation, which accounts for the remaining 95%. According to the 2019 UK royal financial report, it is estimated that the Duke and Duchess of Sussex received about ?2.3 million (approximately 3.49 billion KRW) from the Crown Estate last year.

On the 13th, the British royal family announced that an emergency meeting chaired by Queen Elizabeth II will be held to discuss the future issues of the Duke and Duchess of Sussex, who declared their independence. Prince Harry, his elder brother Prince William, and their father Prince Charles are expected to attend. According to The Sunday Times, Prince William said, "I have put my arm around my brother all my life, but I can no longer do that," adding, "We have now become separate teams."

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