Reliance Retail, India's largest retailer, will buy UK-based Superdry's licenses and brand assets in three Asian countries for 40 million pounds ($48 million), expanding its tie-ups with foreign brands and giving the struggling UK fashion retailer much-needed funds. Superdry's shares jumped 18% to a near two-month high on Wednesday after the company said it would use the expected 28.3 million pounds net proceeds to boost its liquidity and fund its capital needs as part of a turnaround plan.
Reliance Brands to acquire majority ownership of SuperDry adgully.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from adgully.com Daily Mail and Mail on Sunday newspapers.
Reliance Retail, India's largest retailer, will buy UK-based Superdry's licenses and brand assets in three Asian countries for 40 million pounds ($48 million), expanding its ..