Last checked at 
(Alliance News) - Superdry PLC on Wednesday said it signed an agreement with Cowell Fashion Co Ltd for the sale of intellectual property assets in countries in Asia-Pacific for USD50 million.
Superdry, a Cheltenham, England-based clothing retailer, said it plans to build a collaborative partnership with Cowell, capitalising on the shift in consumer preferences in Asia towards lifestyle products. Superdry will provide support and "know-how" relating to the Superdry brand to Cowell during the first two years following completion of the sale. In consideration for these services, an additional management fee of USD1.0 million will be paid to Superdry by Cowell.
Cowell is based in South Korea and operates in the Asia Pacific regions, and has been listed on the South Korean stock exchange since 2015. It focuses on licensing and manufacturing apparel. The agreement means Cowell will own and use the Superdry brand in Asia Pacific markets, starting with South Korea before extending to others.
Cowell Fashion Chair Lee Sun-seop said: "The collaboration between Cowell Fashion, which has state of the art planning, design, and production know-how, and Superdry, which has a long history of innovation and brand power, can be said to be the beginning of a paradigm shift in the Korean fashion industry. With the two companies aligned together through explosive synergy, the plan to grow Superdry into a Superbrand across Asia is an exciting proposition as long term partners."
Superdry shares were 1.9% higher at 110.00 pence each in London on Wednesday morning.
By Tom Budszus, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
