Indian retail giant Reliance Brands has acquired majority ownership of Superdry’s intellectual property assets for the India, Sri Lanka, and Bangladesh territories via a licensing joint venture.
Reliance Brands and Superdry will own 76 per cent and 24 per cent of the joint venture, respectively. The deal, expected to bolster the London-based struggling fashion retailer’s balance sheet, is valued at £40M.
The Mumbai-based retailer said the strategic partnership aims to capitalise on the increasing affluence and evolving consumption patterns of Indian shoppers. Superdry entered the country in 2012 through a franchise agreement with Reliance Brands.
“Superdry has come to define urban cool in India for more than a decade,” said Darshan Mehta, MD of Reliance Brands Limited. “The journey has been rewarding & fun in equal parts due to working with the hugely talented Superdry team and the sense of camaraderie led by Julian.”
