LONDON (dpa-AFX) - Superdry plc (SDRY.L, SEPGF.PK, SEPGY.PK) has signed an IP joint venture agreement with Reliance Brands Holding UK Ltd, and agreements for the sale of Superdry's intellectual property assets, including the SUPERDRY brand and related trademarks in India, Sri Lanka, and Bangladesh to the joint venture vehicle. Reliance Brands and Superdry will own 76% and 24% of the joint venture vehicle respectively. The consideration for the sale of the South Asian IP is 40.0 million pounds.
Superdry expects to receive total proceeds of approximately 28.3 million pounds net of transaction costs and taxation. The net proceeds will be used to increase the strength of the company's balance sheet, boost liquidity, and fund its ongoing working capital requirements as part of the Turnaround Plan.
Reliance Brands Holding UK is held by Reliance Retail Ventures Limited through its subsidiary Reliance Brands Limited, Superdry's exclusive franchise partner in India.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX