Superdry, a UK-based fashion retailer facing challenges, has revealed a partnership with Reliance Retail, which is led by Mukesh Ambani. According to Reuters news agency, Superdry will transfer its intellectual property assets to Reliance Retail for $48.27 million.
Under this agreement, Superdry and Reliance Retail, which has over 18,000 stores, will hold 24% and 76% stakes in the joint venture company.
According to the report, Reliance Retail will continue to oversee brand operations in India, Sri Lanka, and Bangladesh.
The UK retailer is struggling due to reduced orders from wholesale partners and financial difficulties. Superdry, based in the UK, anticipates receiving gross cash proceeds of £30.4 million.
In addition to its collaboration with Reliance Retail, Superdry has also entered into other agreements. In August, it secured a £25 million secondary lending facility with Hilco Capital, and it closed an £80 million deal with Bantry Bay Capital.
In a separate development, India's largest retailer, Reliance Retail, acquired a 51% stake in Ed-a-Mamma, a children's and maternity clothing brand promoted by Bollywood actress Alia Bhatt, in early September this year.
Reportedly Reliance Brands, founded in 2007, has partnered with more than 50 international brands and operates over 2,000 stores across India.
Photo: Reuters,Gaurdian
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