Mukesh Ambani's Reliance Industries retail arm Reliance Brands Limited (RBL) has signed a definitive agreement to forge a joint venture with UK-based Superdry PLC.
The joint venture will acquire the intellectual property assets of Superdry for India, Sri Lanka, and Bangladesh for £40 million.
RBUK, a Reliance Brands UK-based subsidiary, will own a 76% stake in the joint venture, while Superdry will have the remaining 24% stake in the entity.
Superdry offers a wide variety of items, including outerwear, T-shirts, shirts, shoes, and accessories for both men and women.
Superdry, blending British heritage, American styling, and Japanese graphics, has expanded rapidly to 200 points of sale across 50 cities and has extended its e-commerce reach to over 2,300 Indian cities.
Isha Ambani-led Reliance Retail operates India’s largest retail business with a network of over 18,500 stores and digital commerce platforms across grocery, consumer electronics, fashion and lifestyle, and pharma.