The retailer has agreed to sell its local assets to the South Korean Cowell Fashion Company.British fashion brand Superdry will get a new impetus for development in the Asia-Pacific region. The retailer has agreed to sell its local assets to the South Korean Cowell Fashion Company. The company specializes in licensing and manufacturing clothing for the world's famous clothing brands, underwear, accessories and sporting goods.
The amount of the deal was 50 million dollars. It is reported that the new business owner will open stores and handle the brand's distribution in South Korea and other key markets, including China.
"The agreement provides a fantastic opportunity for the Superdry brand to expand its global reach while providing additional funding for our transformation program in a challenging consumer landscape," Superdry commented.
Under the deal, Superdry will still retain independent development rights in Australia, New Zealand, India, Pakistan, Bangladesh, and Sri Lanka. Thanks to transferring the ownership to the South Korean partner, the company expects to focus on brand development and increase sales in its controlled markets.
In 2020, the British brand withdrew from the Chinese market amid losses. The company acknowledged that returning to the market would require significant investment and a local partner. As of early 2023, Superdry operated 220 owned and 480 franchised stores in 53 countries.