British clothing retailer Superdry Plc is ceding its intellectual property rights in numerous Asian markets to South Korean textile group Cowell Fashion Company Ltd. Superdry announced a corresponding agreement on Wednesday. Accordingly, the company will receive a one-time payment of 50 million US dollars (46 million euros) for the rights in question, as well as other management fees.
Upon completion of the transaction, Cowell will acquire Superdry’s trademark rights in “key markets” in Asia Pacific, according to a statement. The exceptions are India, Bangladesh, Pakistan, Sri Lanka, Australia and New Zealand, where Superdry retains the relevant rights.
The company announced that it would have a “collaborative partnership” with the South Korean group in the future. He wants to use the newly acquired trademark rights first in his home country and later in other markets such as China. As part of the collaboration, both companies would jointly develop specific products for the relevant regions that “are in line with Superdry’s brand heritage”. Superdry will receive management fees totaling $1 million over the first two years of the partnership.
Explaining the background to the decision, Superdry CEO Julian Dunkerton said: “This agreement provides the Superdry brand with a fantastic opportunity to expand its global reach while providing us with additional resources to execute our turnaround program in a difficult consumer environment.” him in a statement.