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UK's Superdry to sell South Asia IP assets to JV with Reliance Brands for 40-M pounds

Business Line  

UK clothing company Superdry plc has signed an intellectual property joint venture agreement with Reliance Brands Holding UK (RBUK) for the sale of its IP assets - including the brand and related trademarks in India, Sri Lanka, and Bangladesh - to the JV for GBP 40 million. RBUK will own 76% in the JV. Superdry will hold the rest. Superdry expects to get cash proceeds of GBP 30.4 million from the sale, net of fees and taxes. Reliance Retail Ventures is the holding company of RBUK through its subsidiary Reliance Brands, which has been Superdry's exclusive franchise partner in India since 2012, when the brand was introduced in the country.