India’s largest retailer, Reliance Brands Limited (RBL), through its wholly-owned subsidiary in the UK (RBUK), signed a definitive agreement to form a joint venture with British fashion brand Superdry PLC to acquire its intellectual property for the territories of India, Sri Lanka and Bangladesh, the company said in a statement.
According to indiaretailing.com, RBUK and Superdry will own 76 percent and 24 percent of the joint venture, respectively. The consideration for the IP is 40.0 million British Pounds, which is expected to give Superdry gross proceeds of £30.4 million (€35.1m) from RBUK. RBUK is held by Reliance Retail Ventures Limited through its subsidiary Reliance Brands Limited, Superdry’s exclusive franchise partner in India since 2012. Under the terms of the agreement, Superdry’s South Asia brand IP assets will be permanently transferred to the new joint venture. Superdry UK will continue to support the development of the brand by contributing its design, product development and marketing expertise.
