Struggling fashion retailer Superdry is reported to be on the verge of announcing a joint venture with India’s Reliance Brands to boost its growth in that massive market.
According to reports, a purchase would ‘release tens of millions of pounds to bolster its fragile balance sheet’ and might be announced within days.
India’s largest retailer, Reliance, is situated in Mumbai, and the agreement is reportedly worth £ 25 million to the UK company. It would be comparable to the agreement it reached with South Korea’s Cowell Fashion Company in March for the Asia-Pacific region. That had a value of almost £ 34 million.
As the cost of living problem hurts the company’s profitability, Superdry’s founder and CEO Julian Dunkerton has been attempting to raise money.
Other deals it has failed to complete include one with Hilco Capital in August for a £ 25 million secondary lending facility. Along with the previous Bantry Bay Capital agreement for up to £ 80 million, it was also added.
