According to Reuters, Superdry will sell its intellectual property assets to Reliance Retail for $48.27 million.
Superdry is a clothes and accessories shop that also sells footwear and cosmetics. Shirts, tops, t-shirts, polo shirts, hoods and sweatshirts, jeans, joggers, skirts, jackets, knits, shoes, luggage, and accessories are all part of the company’s product line.
Superdry and Reliance Retail, both of which have over 18,000 outlets, will hold 24% and 76% of the joint venture vehicle, respectively.
According to the article, Reliance Retail would continue to manage brand activities in India, Sri Lanka, and Bangladesh.
The UK retailer is dealing with low wholesale partner orders. The firm is likewise having difficulty raising funds. The retailer situated in the United Kingdom anticipates gross cash proceeds of 30.4 million pounds.
Aside from the arrangement with Reliance Retail, Superdry has also struck a deal with Hilco Capital in August for a £25 million secondary credit facility. In addition, an £80 million agreement with Bantry Bay Capital. Earlier this year, Superdry generated £12 million via share sales.
In early September of this year, India’s largest retailer engaged in a joint venture with a 51% share in Bollywood star Alia Bhatt’s apparel business of kids and maternity clothes Ed-a-Mamma.
After closing the deal, Reliance Retail Director and daughter of Mukesh Ambani, Isha Ambani said, “At Reliance, we have always admired brands that lead with a strong purpose and embody a unique design ethos exemplified perfectly by Ed-a-Mamma and its founder Alia Bhatt.”
“With sustainability as its core proposition the brand has garnered acclaim for its meticulous attention to detail, using ethically sourced materials and eco-conscious production processes. This aligns seamlessly with Reliance Brands’ vision of fostering a more responsible future for the fashion industry,” she added.
Reliance Companies, which was founded in 2007, has cooperated with over 50 international companies and has over 2,000 outlets in India.
The fashion business is likely to be unpredictable and hard in 2023. The length of the economic slump, which threatens to undo the industry’s fast post-pandemic rebound, has split executives.
Changing customer demand, declining confidence, inflation, economic slowdowns, and margin pressures are some of the issues that the sector will encounter in 2023.
The usage of vibrant colors is expected to be one of the key fashion industry trends in 2023. Colors such as pink, yellow, and emerald green are popular with fashion-forward customers.
