British denim and apparel brand Superdry announced it has sold its brand in the Asia-Pacific region to South Korean company, Cowell Fashion Company.
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Under the agreement, Superdry will sell its intellectual property (IP) assets in parts of Asia Pacific (APAC) for an upfront fee of USD 50 million, payable in cash.
As a result, Cowell will own and use the Superdry brand in key APAC markets, starting with its home market of South Korea and extending to others including China, “with Superdry and Cowell working together to develop products relevant for those markets,” the UK brand said in a press release.
The company will retain rights to the brand in India, Bangladesh, Pakistan, Sri Lanka, Australia and New Zealand
“Superdry plans to build a collaborative partnership with Cowell, capitalising on the shift in consumer preferences in Asia towards lifestyle product, by working with Cowell to design and develop market-relevant product which remains consistent with the Superdry brand heritage,” it added.
Superdry said it will provide support and know-how relating to the Superdry brand to Cowell during the first two years following completion of the sale.
Cowell is an experienced local operator within the APAC region and has been listed on the South Korean stock exchange since April 2015.
Its operations focus on licensing and manufacturing apparel products for established global brands across product areas including underwear, sportswear, and accessories.