As part of an ongoing cost-cutting effort, UK apparel retailer Superdry is reportedly in discussions to hand over control of its online business to Canadian e-commerce behemoth Shopify.
Superdry has been in talks with third-party providers about its e-commerce business, according to The Times. Superdry has recently been attempting to streamline its processes in an effort to return to profitability. The source emphasised that an agreement may not come from the meetings, however.
Superdry, a high-street shop, has been looking into a variety of solutions as it tries to rebound from the pandemic. The business completed an equity raise earlier this month and obtained 12 million pounds in new cash.
The retailer and South Korean company Cowell Fashion Company came to an agreement in March to sell the shop’s intellectual property (IP) rights in the APAC area for US $ 50 million.
Starting from its home market and extending to other regional markets, Cowell will own and use the Superdry brand in Asia-Pacific, including China. Both companies will work together to develop products relevant to those markets.
The British company will retain its IP rights in India, Pakistan, Bangladesh, New Zealand, Australia and Sri Lanka since the agreement does not include said regions.
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