UK's Superdry to sell S.Asia IP assets to India's Reliance Retail for $48 mln (updated)
04/10/2023 07:40
(Adds details of deal and background paragraph 2 onwards)
BENGALURU, Oct 4 (Reuters) - UK's struggling fashion
retailer Superdry SDRY.L said on Wednesday it would sell its
intellectual property assets in South Asia to Reliance Retail,
India's largest retailer, for 40 million pounds ($48.27 million)
via a joint venture.
Superdry - which has been grappling with weak orders from
wholesale partners cautious on stock levels and liquidity - said
it expects gross cash proceeds of 30.4 million pounds.
Superdry and Reliance Retail, whose more than 18,000 stores
sell everything from groceries to electronics, will own 24% and
76%, respectively, of the joint venture vehicle.
Indian billionaire Mukesh Ambani-backed Reliance Retail will
continue to oversee brand operations in India, Sri Lanka, and
Bangladesh, said Superdry, whose fashion line mostly includes
sweatshirts, hoodies and jackets.
($1 = 0.8286 pounds)
(Reporting by Indranil Sarkar in Bengaluru; Editing by Rashmi
Aich and Savio D'Souza)
((Indranil.Sarkar@thomsonreuters.com; Mobile: +91
7022132226;))