Global law firm Ashurst is advising Peel Hunt LLP and Liberum Capital Limited, as joint sponsors, in relation to the sale by Superdry Plc of its intellectual property assets in certain countries within the Asia Pacific region.
Superdry has agreed to sell all its intellectual property assets in certain countries within the APAC region to Cowell Fashion Company Ltd, a listed company based in South Korea, for an upfront cash payment of US$50 million. Superdry will also provide certain support and know-how relating to the Superdry brand to Cowell during the first two years following completion. In consideration for these services, an additional management fee will be payable.
The agreement means Cowell will own and use the Superdry brand in key APAC 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.
The transaction constitutes a Class 1 transaction for Superdry under the Listing Rules. Completion of the transaction is therefore conditional on the approval of Superdry's shareholders. Peel Hunt and Liberum are acting as joint sponsors to Superdry in relation to the transaction.
The Ashurst team is being led by partner Nicholas Holmes, assisted by senior associate Louise Chan and associate Kseniia Samokhina.
