SuperGroup, the parent of the hip casual fashion brand Superdry, has confirmed plans to enter China, as reported by Inside Retail Asia earlier this week.
The Superdry China foray will be a 50:50 joint venture with local company Trendy International Group. SuperGroup will invest up to £18 million to kickstart the new market, but says it expects the JV to be self-funding within two years of launch.
The group promises a “measured” roll-out program in China with Trendy managing the day-to-day business operations. SuperGroup will provide strategic brand support, design services and marketing.
SuperGroup CEO Euan Sutherland said of the move: “The joint venture in China with Trendy International Group, together with an extensive pipeline of new stores in our targeted European markets and continued momentum in eCommerce, provides confidence of continued long-term growth.”
The company announced a two per cent increase in net profit to £63.2 million in the year to April 25 April on revenue up 12.9 per cent to £486.6 million. Its retail revenue rose 17 per cent with same store sales growing 4.8 per cent.
