UK's Superdry To Sell South Asian IP Assets To Reliance For $48 Million

UK's struggling fashion retailer Superdry 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.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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UK's struggling fashion retailer Superdry 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.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)