Fashion brand Superdry has confirmed it has ended its Chinese joint venture with Trendy, following a review of its long-term business strategy in the region.
The retailer said the move leaves it “free to determine how it will trade in China in the future” and brings to an end the joint venture it formed with Trendy in 2016 with 25 owned and 41 franchise stores.
Superdry said all owned stores are due to close in China by the end of August, with the franchise stores to close by the end of the year.
The move will cost Superdry £6m, half of which will be recognised in the first half of the current financial year. The retailer said it did not expect to incur any further costs as part of the winding up.
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