Fashion retailer Superdry has confirmed it has signed a joint venture agreement with Reliance Brands Holding UK Ltd for the sale of its intellectual property (IP) assets in India.
Superdry said the consideration for the sale of the South Asian IP is £40m in a deal that will include Superdry’s brand and related trademarks in India, Sri Lanka and Bangladesh.
The deal will see Reliance Brands Holdings UK own 76% of the joint venture, while Superdry will retain 24%.
Reliance Brands Holdings UK will “continue to oversee brand operations in the territories” upon completion of the transaction as it continues to build upon the “great working partnership” with the fashion retailer.
Superdry said Reliance Brands Holdings UK is held by Reliance Retail Ventures Limited through its subsidiary Reliance Brands Limited, which has been Superdry’s “exclusive franchise partner in India” since 2012.
Reliance Brands Holdings UK is the premium retail arm of Reliance Retail Ventures Limited, which operates more than 18,000 stores across India with an offer of over 50 luxury fashion brands.
Superdry said: “Since partnering with RBL in 2012, the Superdry brand has expanded rapidly in India.
“Considering the backdrop of a growing Indian economy, a growing population of affluent shoppers, and ever-increasing apparel consumption rates, the Superdry brand in the market has attractive potential.
“As the leading fashion retail operator in India, RBUK is best placed, through a majority IP ownership stake, to maximise the opportunity.”
The announcement comes after Superdry posted an annual loss of £148.1m for the 52 weeks to April 29, 2023.
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