Reliance Brands Strengthens Partnership With Superdry PLC
Reliance Brands through its wholly owned UK subsidiary RBUK has entered into a joint venture with UK-based Superdry PLC. The JV will acquire Superdry’s intellectual property assets for India, Sri Lanka, and Bangladesh.
RBUK will own 76 percent and Superdry the rest of the JV entity and the consideration for the IP is £40 million. Superdry PLC will receive gross cash proceeds of £30.4 million net of fees and taxes from RBUK.
RBL had inked a long-term franchise agreement with Superdry PLC in 2012 and introduced the brand in India and the brand has expanded rapidly to 200 points of sale across 50 cities.
Ecommerce continues to drive incremental growth for the brand, boosting its reach beyond 2,300 Indian cities, underlining RBL-run Superdry India operations as the largest franchisee network of the brand globally.
“The journey has been rewarding and fun in equal parts due to working with the hugely talented Superdry team. I look forward with excitement to this new era of our partnership,” Reliance Brands MD Darshan Mehta said.
