Exhibit4.15

[CLIFFORD CHANCE LOGO TOCOME]

SIR ANTHONY O'REILLY AND PETERJOHN GOULANDRIS

AND

WATERFORD WEDGWOODPLC

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DEED OFUNDERTAKING

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**THIS DEED** is made on 21October 2004

BETWEEN:

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| (1)  | **SIRANTHONY O'REILLY** of Lissadell, Lyford Cay, Nassau,Bahamas,**AND PETER JOHN GOULANDRIS** of Sea Saga, Edgewater Drive,Lyford Cay, Nassau, Bahamas (each an"**Obligor**" and together the"**Obligors**");and |

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| (2)  | **WATERFORD WEDGWOOD PLC**, acompany registered in Ireland (under number 11861), having itsregistered office at Kilbarry, Waterford (the"**Company**"). |

**THIS DEEDWITNESSES** asfollows:

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| 1.  | **INTERPRETATION** |

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| 1.1  | Inthis Deed: |

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|   | "**Agreement**"means the Underwriting Agreement between J & E Davy, Birchfield andthe Company dated 21 October 2004; |

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|   | **"Birchfield"**means Birchfield Holdings Limited, an International Business Companyregistered in the British Virgin Islands under number 458528, havingits registered office at Trident Chambers, PO Box 146, Road Town,Tortola, British Virgin Islands; and |

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|   | "**RelevantPortion**" means, in the case of each Obligor, onehalf. |

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| 1.2  | In this Deed, a referenceto: |

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|  | 1.2.1  | a statutory provisionincludes a reference to the statutory provision as modified orre-enacted or both from time to time before the date of this Deed andany subordinate legislation made under the statutory provision beforethe date of this Deed; |

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|  | 1.2.2  | a personincludes a reference to a body corporate, association orpartnership; |

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|  | 1.2.3  | a person includesa reference to that person's legal personal representatives,successors and permitted assigns;and |

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|  | 1.2.4  | a clause, unless thecontext otherwise requires, is a reference to a clause of thisDeed. |

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| 1.3  | The headings in this Deed donot affect itsinterpretation. |

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| 2.  | **UNDERTAKING ANDINDEMNITY** |

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| 2.1  | The Obligorsirrevocably and unconditionally undertake to the Company to procure thedue and punctual performance of each obligation of Birchfield containedin the Agreement. The Obligors shall pay to the Company from time totime on demand a sum of money which Birchfield is at any time liable topay to the Company under or pursuant to the Agreement and which has notbeen paid at the due time for payment. |

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| 2.2  | The Obligors irrevocably andunconditionally agree to indemnify (and keep indemnified) the Companyon demand against any loss, liability or cost incurred by the Companyas a result of any obligation of Birchfield referred to in clause 2.1above being or becoming void, voidable or unenforceable as againstBirchfield. The amount of the loss, liability or cost shall be equal tothe amount which the Company would otherwise have been entitled torecover from Birchfield. |

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| 2.3  | TheObligors' obligations under clauses 2.1 and 2.2 are continuingobligations and are not satisfied, discharged or affected by anintermediate payment or settlement of account by or a change in theconstitution or control of, or merger or consolidation with any otherperson of, or the insolvency of, or bankruptcy, winding up or analogousproceedings relating to,Birchfield. |

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| 2.4  | The Company may at anytime as it thinks fit, without reference to the Obligors and withoutprejudice to the Obligors' obligations under this clause  2grant a time for payment or grant another indulgence or agree to anamendment, variation, waiver or release in respect of an obligation ofBirchfield under the Agreement. |

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| 2.5  | Eachof the Obligors waives any right he may have of first requiring theCompany (or any trustee or agent on its behalf) to proceed against orenforce any other rights or security or claim payment from any personbefore claiming from the Obligors under this clause  2. Thiswaiver applies irrespective of any law or any provision of theAgreement to the contrary. |

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| 2.6  | The liabilityof each Obligor under this Undertaking shall be several.Notwithstanding any other provision hereof, the proportion of each andevery claim by the Company hereunder which each Obligor shall beobliged to pay shall not in any circumstances exceed his RelevantPortion of each such claim and the aggregate of all claims against eachObligor hereunder shall never exceed his Relevant Portion of the totalof all claims of the Companyhereunder. |

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| 2.7  | Without prejudice toClause 2.6, each Obligor agrees to be bound by this Undertakingnotwithstanding that any other Obligor who was intended to execute orto be bound by this Undertaking does not do so or is not effectively sobound and notwithstanding that any of the obligations of the otherObligor herein contained may be determined or become invalid orunenforceable against such other Obligor and whether or not the same isknown to the Company or its officers, employees, agents or professionaladvisers. |

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| 2.8  | This Undertaking shall notbe revoked or otherwise prejudiced or impaired as to any one or more ofthe Obligors by the death, incapacity, bankruptcy or insolvency of anyother Obligor. |

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| 3.  | **COSTS ANDEXPENSES** |

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|   | All the Company's costsand expenses (including legal fees, stamp duties and any value addedtax) incurred in connection with the enforcement of this Deed shall bereimbursed by the Obligors on demand on a full indemnity basis togetherwith interest from the date such costs and expenses were incurred tothe date of payment at6%. |

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| 4.  | **GENERAL** |

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| 4.1  | Novariation of this Deed is valid unless it is in writing and signed byor on behalf of each party. |

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| 4.2  | Thefailure to exercise or delay in exercising a right or remedy providedby this Deed or by law does not constitute a waiver of the right orremedy or a waiver of other rights or remedies. No single or partialexercise of a right or remedy provided by this Deed or by law preventsfurther exercise of the right or remedy or the exercise of anotherright or remedy. |

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| 4.3  | The rights andremedies contained in this Deed are cumulative and not exclusive ofrights or remedies provided bylaw. |

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| 5.  | **NOTICES** |

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| 5.1  | Anotice or other communication under or in connection with this Deedshall be in writing and shall be delivered personally or sent by firstclass post pre-paid recorded delivery (or air mail if overseas) or byfax, to the party due to receive the notice or communication, at itsaddress set out in this Deed or another address specified by that partyby written notice to the other. |

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| 5.2  | Inthe absence of evidence of earlier receipt, a notice or othercommunication is deemedgiven: |

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|  | 5.2.1  | if delivered personally,when left at the address referred to in clause5.1; |

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|  | 5.2.2  | if sent by mail except airmail, two days after postingit; |

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|  | 5.2.3  | if sent by air mail, sixdays after posting it; and |

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|  | 5.2.4  | ifsent by fax, on completion of its transmission and receipt of asuccessful transmission report in connectiontherewith. |

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| 6.  | **GOVERNING LAW ANDJURISDICTION** |

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| 6.1  | This Deed isgoverned by Irish law. |

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| 6.2  | The courts ofIreland have exclusive jurisdiction to hear and decide any suit, actionor proceedings, and to settle any disputes, which may arise out of orin connection with this Deed (respectively,"**Proceedings**" and"**Disputes**") and, for these purposes,each party irrevocably submits to the jurisdiction of the courts ofIreland. |

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| 6.3  | Each party irrevocablywaives any objection which it might at any time have to the courts ofIreland being nominated as the forum to hear and decide any Proceedingsand to settle any Disputes and agrees not to claim that the courts ofIreland are not a convenient or appropriate forum. |

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| 6.4  | Process bywhich any Proceedings are begun in Ireland may be served on eitherObligor by being delivered to Matheson Ormsby Prentice, 30 HerbertStreet, Dublin 2, Ireland, FAO Pauline O'Donovan. Nothingcontained in this clause affects the right to serve process in anothermanner permitted bylaw. |

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| 7.  | **COUNTERPARTS** |

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|   | This Deed may be executed in any number ofcounterparts each of which when executed and delivered shall be anoriginal, but all the counterparts together shall constitute one andthe sameinstrument. |

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| 8.  | **DELIVERY** |

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|   | This Deed is delivered on the date written atthe start of the Deed. |

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**EXECUTED**by the parties as a deed

**EXECUTED AS A DEED**by

SIR ANTHONY O'REILLY

In the presenceof:

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| **Signature:**  |         PatrickDowling         |

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| **Name:**  |    |

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| **Address:**  |    |

**EXECUTEDAS A DEED**by

PETER JOHN GOULANDRIS

Inthe presence of:

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| **Signature:**  |         PatrickDowling         |

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| **Name:**  |    |

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| **Address:**  |    |

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The common seal of**WATERFORDWEDGWOOD PLC** was affixed to this deedin the presenceof

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|         KevinMcGoran          | Signature ofdirector |

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|     | Name ofdirector |

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|         PatrickDowling          | Signature ofdirector/secretary |

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|     | Name ofdirector/secretary |

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