UK's Superdry gains on expanding into China, South Korea

Logen

22/03/2023 08:40

** Shares of Superdry Plc  SDRY.L  rise as much as 7.4% to
116p, among top pct gainers on London's smallcaps  .FTSC  index 
    ** British fashion retailer agrees to sell its intellectual
property assets in Asia-Pacific region to S.Korea's Cowell
Fashion  033290.KQ  for $50 mln
    ** Agreement will allow Cowell to own and use Superdry brand
in South Korea and China, among other Asian countries 
    ** Agreement offers Superdry opportunity to expand its
global reach and additional funding to help deliver turnaround
programme amid challenging consumer landscape - Julian
Dunkerton, Superdry CEO and founder
    ** Deal de-risks balance sheet, protects profit and loss
accounts and is a very positive step in the right direction,
Liberum analysts say in a note 
    ** Stock on track for its best day in more than two months,
if current gains hold 
    ** Up to last close, stock down ~16% this year 

 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))