UK's Superdry to sell S Asia IP assets to Reliance Retail for $48 million

UK's struggling fashion retailer Superdry said on Wednesday it would sell its intellectual property assets in South Asia to Reliance Retail, India's largest retailer, for 40 million pounds ($48.27 million) via a joint venture.

Superdry - which has been grappling with weak orders from wholesale partners cautious on stock levels and liquidity - said it expects gross cash proceeds of 30.4 million pounds.

Superdry and Reliance Retail, whose more than 18,000 stores sell everything from groceries to electronics, will own 24% and 76%, respectively, of the joint venture vehicle.

Indian billionaire Mukesh Ambani-backed Reliance Retail will continue to oversee brand operations in India, Sri Lanka, and Bangladesh, said Superdry, whose fashion line mostly includes sweatshirts, hoodies and jackets. ($1 = 0.8286 pounds)