Reliance Brands and Superdry Form Joint Venture to Accelerate Growth in India and Neighboring Territories
Reliance Brands Limited (RBL), a subsidiary of Reliance Industries Limited, and UK-based clothing retailer Superdry PLC have announced a joint venture to acquire Superdry”s intellectual property in India, Sri Lanka, and Bangladesh, and to operate the Superdry brand in these markets.
The deal is valued at £40 million, and will enable Superdry PLC to receive gross cash proceeds of £30.4 million (approximately £28.3 million net of fees and taxes) from RBL.
RBL and Superdry have had a long-term franchise agreement in place since 2012. The new joint venture will deepen the collaboration between the two companies, and will lead to new sourcing channels, India-centric product verticals, cost optimization, and long-term investments in brand building.
The joint venture is expected to accelerate Superdry”s growth in India and neighboring territories. Superdry currently operates 200 points of sale in 50 Indian cities, and offers a range of products including t-shirts, shirts, shoes, and accessories for men and women. RBL has a strong retail presence in India, with over 2,100 stores and shop-in-shops across the country.
Julian Dunkerton, CEO and Founder of Superdry, said that the joint venture with RBL is an exciting opportunity for the company. He believes that the partnership will help Superdry to achieve its growth ambitions in India and the region.
