RELIANCE BRANDS SIGNS DEFINITIVE AGREEMENT TO ACQUIRE MAJORITY OWNERSHIP OF SUPERDRY IP FOR INDIAN TERRITORY, EVOLVING THEIR DECADE-LONG PARTNERSHIP WITH SUPERDRY PLC
Reliance Brands Limited (RBL), through its wholly owned subsidiary in UK (RBUK), has today signed a definitive agreement to enter a joint venture with UK-based Superdry PLC, marking a significant new chapter in its partnership with Superdry PLC. The joint venture entity will acquire Superdry’s intellectual property assets for the India, Sri Lanka, and Bangladesh territories. RBUK and Superdry will own 76% and 24% of the joint venture entity, respectively. The consideration for the IP is £40.0 million, which is estimated to result in Superdry PLC receiving gross cash proceeds of £30.4 million (approx. £28.3 million net of fees and taxes) from RBUK.
Darshan Mehta, MD of Reliance Brands Limited, remarked, “Superdry has come to define urban cool in India for more than a decade. 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. I look forward with excitement to this new era of our partnership.”
Superdry UK will maintain a stake in the brand for the Indian territory and will continue to support brand development through sharing expertise in design, product development, and marketing.
Julian Dunkerton, Superdry’s CEO, and Founder expressed: “We are pleased to be announcing this IP agreement with our long-term partners, Reliance. India represents an incredible opportunity for Superdry, and our excellent existing relationship with Reliance means we will be able to hit the ground running. Under our new partnership, I am confident that the brand will continue to accelerate and build on our success to date to become a major force in the Indian fashion market.”
