Superdry has signed a joint venture agreement with India’s biggest retailer Reliance Brands Holding for the sale of its intellectual property assets in India, Sri Lanka and Bangladesh in a £40m deal.
City sources told Sky News a deal could be announced as early as Wednesday morning.
Reliance Brands is already Superdry’s retail partner in India, operating dozens of stores.
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The fashion retailer has been struggling to recover post-pandemic as it grapples with the ongoing cost-of-living crisis.
Last month, its shares plummeted to a record low after it sunk to a pre-tax loss of £148.1m in the year to 29 April 2023, down from a £22.4m pre-tax profit the year before.
A month prior to the results, Superdry secured up to £25m in funding from restructuring specialist Hilco Capital to help power its turnaround plan.
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