SuperGroup has launched Superdry in China following the announcement of a joint venture in July.
The launch event was held at the British Embassy Residence in Beijing and included a catwalk fashion show with local models. Sajid Javid, secretary of state for business, innovation and skills, and a number of current and former Chinese government officials all attended the event.
Superdry’s partner in the joint venture, Trendy, which operates 3,000 stores across China, will use its expertise and knowledge of the Chinese market to manage the joint venture, with a focus on operations and logistics in China. Meanwhile, SuperGroup will provide support from the UK, concentrating on brand guidance and merchandising.
The agreement to take Superdry into China will include an investment of up to £18 million on a 50:50 basis across a minimum period of 10 years. SuperGroup said the Chinese apparel market, which has a current total retail value of $351 billion, presented an “immense” opportunity for the Superdry brand.
SuperGroup chief executive, Euan Sutherland said, “Today marks a significant milestone in our joint venture with Trendy. We are excited at the prospect of entering this market with such an established and experienced partner. We look forward to gaining a deep understanding of the Chinese market and customer, and this launch marks another significant step in Superdry becoming a global lifestyle brand.”
