STRUGGLING fashion brand Superdry has sold the intellectual property (IP) of its Asia Pacific offering to South Korean retail group Cowell Fashion Company for $50m (£40m) in a bid to boost funds.

The deal will see Cowell own and sell the Superdry brand in the Asian market starting with its home market of South Korea and then eventually extending to other markets such as China.

The pair said they would work together to "develop products relevant for those markets", while London-listed Superdry's share price was up more than three per cent yesterday.

"This agreement offers the Superdry brand a fantastic opportunity to expand its global reach, while providing additional funding to help deliver our turnaround programme in the face of the challenging consumer landscape," Julian Dunkerton, chief executive of Superdry said.

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