Superdry in talks to raise nearly $19 mln in share sale - Sky News (updated)

Logen

28/04/2023 18:51

(Adds background, details on share sale)
       April 28 (Reuters) - Struggling British fashion brand
Superdry  SDRY.L  is said to be in advanced talks to raise about
15 million pounds ($19 million) by selling shares, Sky News
reported on Friday.
    The cash call could be unveiled as soon as next week, the
report added.
        One investor said the cash call was likely to be worth
more than 10 million pounds and possibly closer to 15 million
pounds, Sky News reported.
  
    Superdry declined to comment when contacted by Reuters.
        The move is cited to be a part of the efforts by founder
and Chief Executive Julian Dunkerton to revive Superdry's
performance, according to the report.
  
        The apparel maker has been trying to raise funds,
including a 
    potential equity raise
     in April of up to 20% and 
    selling
     its intellectual property assets in much of the Asia
Pacific region to South Korea's Cowell Fashion Co  033290.KQ 
for $50 million in March.
  
        Earlier this year, the retailer 
    warned
     that it expects only to break even in 2023 after a deeper
half-year loss, as inflation-pinched British shoppers reduce
spending.
  

($1 = 0.7955 pounds)

 (Reporting by Prerna Bedi and Shreyaa Narayanan in Bengaluru;
Editing by Shailesh Kuber and Maju Samuel)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))