Billionaire Mukesh Ambani and his daughter Isha Ambani have been bringing several foreign brands to India through their firm Reliance Retail. Now, Isha Ambani’s company is set to enter into a partnership with an iconic United Kingdom fashion brand – Superdry.
Isha Ambani-led Reliance Retail is set to purchase the IP assets of Superdry in a new deal extended by the UK based clothing brand in an effort to minimize their losses and increase their presence in India in the midst of their financial struggle.
Reuters news agency reported that Superdry is planning to sell its intellectual property assets of Mukesh Ambani’s company for a whopping USD 48.27 million, which comes out to be over Rs 401 crore in Indian currency.
With this new deal and the selling of its IP assets, Reliance Retail and Superdry will own 76 percent and 24 percent, respectively, of the joint venture vehicle. The report further added that Reliance Retail will continue to oversee brand operations in India, Sri Lanka, and Bangladesh.
Superdry is currently in the midst of a major financial crisis as the UK clothing brand continues to struggle due to weak orders from wholesale partners and also challenges in raising proper funding to aid their global operation and revenue.
UK brand Superdry has dozens of stores across India and also sells its products online, with the major competition in the retail industry being with Uniqlo, which is a Japanese casual and loungewear company.
While Reliance Retail’s team up with Superdry could potentially give a big boost to its sales in the coming months, this is not the first time that Isha Ambani’s company has teamed up with a foreign clothing brand.
Mukesh Ambani and Isha Ambani’s Reliance Retail have brought several luxury brands to India including Burberry, Armani, Adidas, Balenciaga, Brooks Brothers, Coach and more.
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