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Cowell Fashion Co. Ltd., a South Korean clothing and undergarments manufacturer, announced last week it has entered into an agreement with DKH Retail Ltd., which owns Superdry’s Asia Pacific intellectual property (IP) rights. The deal is about the purchase of the UK-branded clothing company’s IP assets.
Cowell Fashion Co. bought the IP rights for $50 million as it is reportedly aiming to sell Superdry’s clothing line in both South Korea and other markets in Asia, including China, starting in 2024. As per The Korea Economic Daily, with the deal, Cowell Fashion will be able to break into the Asian market through the British brand.
It was specified in the contract that the acquisition also includes business rights and export contracts for the Asia-Pacific region. Moreover, Cowell Fashion is planning to develop Superdry to become a large brand domestically. To do this, it will use its knowledge in planning, production, and design to appeal to local shoppers.
The company’s target is to launch Superdry in South Korea next year. It will be selling clothing and other items through online and offline outlets, including department stores and online store platforms.
In any case, Inside Retail Asia reported that Cowell Fashion and Superdry would also team up to create products that are relevant to their target markets. Then again, it was clarified that the application of the British clothing brand’s IP assets in the Asia Pacific territory does not include some regions such as Sri Lanka, Pakistan, India, Australia, Bangladesh, and New Zealand. This is because Superdry is retaining its IP rights in these places.
“This agreement offers the Superdry brand a fantastic opportunity to expand its global reach, whilst providing additional funding to help deliver our turnaround program in the face of the challenging consumer landscape,” Superdry’s founder and chief executive officer, Julian Dunkerton, said in the announcement. “I am absolutely thrilled by the opportunity to work together with Cowell to create inspiring products consistent with our brand heritage and build out across the APAC market.”
Lee Sun Seop, chairman of Cowell Fashion, also said, “The collaboration between Cowell Fashion, which has state-of-the-art planning, design, and production know-how, and Superdry PLC, which has a long history of innovation and brand power, can be said to be the beginning of a paradigm shift in the Korean fashion industry.”
