Britain's Superdry sells Asia Pacific IP for $50 million

·1-min read
Superdry store at the Woodbury Common Premium Outlets in Central Valley, New York

LONDON (Reuters) - Struggling British fashion brand Superdry has sold its intellectual property assets in much of the Asia Pacific region to South Korea's Cowell Fashion Company for $50 million, giving it a much-needed cash boost.

The deal means Cowell will own and use the Superdry brand in its home market before extending to other APAC countries including China.

"This agreement offers the Superdry brand a fantastic opportunity to expand its global reach, whilst providing additional funding to help deliver our turnaround programme in the face of the challenging consumer landscape," founder and CEO Julian Dunkerton said on Wednesday.

Superdry warned on profit in January and earlier this month hired Interpath Advisory to help cut costs.

Shares in Superdry were up 6% in early trading, paring losses over the last year to 33%.

(Reporting by James Davey, Editing by Paul Sandle)