Superdry sells IP assets to South Korea’s Cowell Fashion
The transaction costs $50m.
UK-based fashion firm Superdry entered a transfer agreement with South Korea’s Cowell Fashion to sell its intellectual property assets in certain markets in the Asia Pacific (APAC) for $50m.
In a statement, Superdry said Cowell will own and use Superdry brand in key APAC markets starting in South Korea before extending to others like China.
The UK firm will support to Cowell Cowell in the first two years of the completion of the sale with an additional management fee of $1m comprising of two equal payments.
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“This agreement offers the Superdry brand a fantastic opportunity to expand its global reach, whilst providing additional funding to help deliver our turnaround programme in the face of the challenging consumer landscape,” said Superdry CEO and Founder Julian Dunkerton.
Superdry added that it aims to collaborate with Cowell anchoring on the consumer preferences shift in Asia towards lifestyle products, by designing and developing market-relevant products.