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Reliance Brands inks joint venture with Superdry for Indian territory

Indian conglomerate Reliance Brands Limited has signed a definitive agreement to enter a joint venture with British fashion brand Superdry for its Indian territory.

SEE ALSO: Superdry sells off APAC brand to Korea’s Cowell

Under the agreement, the joint venture entity — formed between Reliance Brands United Kingdom (RBUK) and Superdry — will acquire the denim and apparel brand’s intellectual property (IP) assets for the India, Sri Lanka, and Bangladesh markets.

As a result, RBUK and Superdry will own 76 percent and 24 percent of the joint venture entity, respectively. The deal is worth some GBP 40 million (USD 48.54 million), which is estimated to result in Superdry receiving gross cash proceeds of GBP 30.4 million (approximately GBP 28.3 million net of fees and taxes) from RBUK.

Superdry will maintain a stake in the brand for the Indian territory and will continue to support brand development through sharing expertise in design, product development, and marketing.

Reliance Brands first introduced Superdry to India in 2012, via a long-term franchise agreement. Since its India debut, Superdry has opened 200 points-of-sale across 50 Indian cities, as well as an online store, boosting the brand’s reach beyond 2,300 cities nationwide.

“We are pleased to be announcing this IP agreement with our long-term partners, Reliance,” said Julian Dunkerton, Superdry’s CEO and founder.

“India represents an incredible opportunity for Superdry, and our excellent existing relationship with Reliance means we will be able to hit the ground running. Under our new partnership, I am confident that the brand will continue to accelerate and build on our success to date to become a major force in the Indian fashion market.”

Founded in 2003, Superdry retails men’s and women’s denim, outerwear, T-shirts, and shirts, alongside categories like shoes and accessories. Over the last 13 years India, the brand has adapted to local shopping needs and introduced swimwear, and fragrances, as well as an exclusive ‘Denim and Shirt’ range earlier this year.

In 2019, Superdry expanded into sports and activewear under Superdry Sport, adding performance-driven products to its portfolio, with Bollywood actor Kartik Aaryan recruited as a local brand ambassador in 2022.

“Superdry has come to define urban cool in India for more than a decade,” said Darshan Mehta, MD of Reliance Brands Limited.

“The journey has been rewarding & fun in equal parts due to working with the hugely talented Superdry team and the sense of camaraderie led by Julian. I look forward with excitement to this new era of our partnership.”