UK's Superdry shines on deal with India's Reliance Retail

Superdry

04/10/2023 08:18

** Struggling British retailer Superdry  SDRY.L  shares up
18% at 50.8p, among top pct gainer across London stocks 
    ** Best day since May 2021     
    ** Co to sell its intellectual property assets in South Asia
to Reliance Retail for 40 mln pounds ($48.22 mln) via a joint
venture
    ** Says expects gross cash proceeds of 30.4 mln pounds
    ** Adds Reliance Retail will continue to oversee brand
operations in India, Sri Lanka, and Bangladesh
    * Reliance Brands Holding UK and Superdry will own 76% and
24% of the JV vehicle, respectively
    ** As of last close, stock down ~66% YTD

($1 = 0.8296 pounds)

 (Reporting by Radhika Anilkumar in Bengaluru)
 ((Radhika.Anilkumar@thomsonreuters.com;))