Superdry To Sell Its IP Assets In Certain Countries Within Asia Pacific Region

U.K.-based apparel manufacturer Superdry plc (SDRY.L,SEPGF.PK,SEPGY.PK) said that it has signed an IP Transfer Agreement with South Korea's Cowell Fashion Company Ltd for the sale of Superdry's intellectual property assets in certain countries within the Asia Pacific region, for an upfront fee of $50 million, payable in cash.

As per the terms of the deal, Cowell will own and use the Superdry brand in key Asia Pacific markets, starting with its home market of South Korea and extending to others including China, with Superdry and Cowell working together to develop products relevant for those markets.

Superdry said it will provide certain support and know-how relating to the Superdry brand to Cowell during the first two years following completion of the Sale.

In consideration for the services, an additional management fee of $1.0 million, comprising two payments of $500,000 each, is also payable, in cash, directly to Superdry, with the first instalment being payable on completion and the second instalment being payable on the first anniversary of completion.

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