Toy and model distributor A.B. Gee of Ripley is now the exclusive UK distributor of the official and original Rainbow Loom.
The brand was the winner of four Toy of the Year awards at the US Toy Fair in New York earlier this year.
The signing of the contract is a significant move for the company. There is an expected upturn in sales of up to £4 million, which will help to create jobs in the local area.
It also further cements the firm's roots in the heart of Derbyshire, after purchasing 75,000 sq ft of offices and showrooms.
The company says that it continues to work closely with top suppliers and brands to ensure its customers get the right products at the right price.