Superdry takes back full control of brand in China
Superdry has announced that it has decided to take back full control of the Superdry brand in China following a review of its long-term business plan for the region.
The fashion retailer said it has reached an amicable agreement with its current local partner Trendy International to exit their joint venture, Trendy and Superdry Holding Limited.
The decision forms part of Superdry’s transformation plan which aims to place the right infrastructure and business models in each of the retailer’s core markets.
However, Superdry said the move had happened quicker than originally planned due to the impact of the Covid-19 pandemic.
Formed in 2016, the joint venture has 25 owned and 41 franchise stores in China. The owned retail stores are due to close by the end of August, while the franchise partners in China will end their relationships by the end of 2020.
Julian Dunkerton, Superdry chief executive, said: “I believe that China represents a huge opportunity for Superdry in the longer term. As the way people are shopping there changes, it makes sense for us to shift our focus to the growth channels of online and wholesale.
“Combined with the improvements we are making to our product ranges, I am confident that this is the right time for us to take back full control of our brand in China and to re-position our operations in the region to deliver profitable future growth for Superdry.’
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