Superdry to accelerate growth in India with Reliance Brands
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British retailer Superdry has signed an IP joint venture agreement with India’s Reliance Brands Holding UK (RBUK) for the sale of its South Asia intellectual property assets, including the Superdry brand and related trademarks in India, Sri Lanka, and Bangladesh.
In a statement, struggling Superdry said that RBUK, which is held by Reliance Retail Ventures Limited (RRVL) through its subsidiary Reliance Brands Limited (RBL), has been its exclusive franchise partner in India since 2012.
The new joint venture will be 76 percent owned by RBUK and 24 percent by Superdry.
Superdry to boost India business
The sale of the South Asian IP will raise 40 million pounds, which is estimated to result in Superdry receiving gross cash proceeds of 30.4 million pounds.
RBL is the premium retail arm of RRVL and operates more than 18,000 stores across India from over 50 different luxury fashion brands. It has a presence in 7,000 towns and a total shopping area of more than 65 million square feet.
Following the completion of the transaction, Reliance Retail will continue to oversee brand operations in India, Sri Lanka, and Bangladesh, added Superdry.