Britain's Superdry sells Asia Pacific IP for $50 mln

Logen

22/03/2023 08:28

LONDON, March 22 (Reuters) - Struggling British fashion
brand Superdry  SDRY.L  has sold its intellectual property
assets in much of the Asia Pacific region to South Korea's
Cowell Fashion Company  033290.KQ  for $50 million, giving it a
much-needed cash boost.
    The deal means Cowell will own and use the Superdry brand in
its home market before extending to other APAC countries
including China.
    "This agreement offers the Superdry brand a fantastic
opportunity to expand its global reach, whilst providing
additional funding to help deliver our turnaround programme in
the face of the challenging consumer landscape," founder and CEO
Julian Dunkerton said on Wednesday.
    Superdry warned on profit in January and earlier this month
hired Interpath Advisory to help cut costs.
    Shares in Superdry were up 6% in early trading, paring
losses over the last year to 33%.

 (Reporting by James Davey, Editing by Paul Sandle)
 ((james.davey@thomsonreuters.com))