Superdry in talks to raise nearly $19 million in share sale - Sky News
Reuters
Published Apr 28, 2023 18:22
Updated Apr 28, 2023 20:41
(Reuters) -Struggling British fashion brand Superdry is said to be in advanced talks to raise about 15 million pounds ($19 million) by selling shares, Sky News reported on Friday.
The cash call could be unveiled as soon as next week, the report added.
One investor said the cash call was likely to be worth more than 10 million pounds and possibly closer to 15 million pounds, Sky News reported.
Superdry declined to comment when contacted by Reuters.
The move is cited to be a part of the efforts by founder and Chief Executive Julian Dunkerton to revive Superdry's performance, according to the report.
The apparel maker has been trying to raise funds, including a potential equity raise in April of up to 20% and selling its intellectual property assets in much of the Asia Pacific region to South Korea's Cowell Fashion Co for $50 million in March.
Earlier this year, the retailer warned that it expects only to break even in 2023 after a deeper half-year loss, as inflation-pinched British shoppers reduce spending.
($1 = 0.7955 pounds)
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Written By: Reuters
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