High street retailer Superdry has sold its intellectual property rights in “certain countries” within the Asia Pacific to South Korea's Cowell Fashion Company for £40.7m ($50m).

Cowell is a local operator within the Asia Pacific (APAC) region which has been listed on the South Korean stock exchange since April 2015. Its operations focus on licensing and manufacturing apparel products for established global brands, across product areas including underwear, sportswear, and accessories.

The agreement means Cowell will own and use the Superdry brand in “key APAC markets”, starting with its home market of South Korea and extending to others including China, with Superdry and Cowell working together to develop products.

Superdry said it “plans to build a collaborative partnership” with Cowell, capitalising on the shift in consumer preferences in Asia towards lifestyle product.

The business will provide support and know-how relating to the Superdry brand to Cowell during the first two years following completion of the sale.

In consideration for these services, an additional management slot fee of $1m (£814,000) comprising two payments of $500,000 (£407,000) each, is also payable, in cash, directly to Superdry.

Julian Dunkerton, Superdry founder and CEO said: “This agreement offers the Superdry brand a fantastic opportunity to expand its global reach, whilst providing additional funding to help deliver our turnaround programme in the face of the challenging consumer landscape.

"I’m absolutely thrilled by the opportunity to work together with Cowell to create inspiring products consistent with our brand heritage and build out across the APAC market.”

Cowell Fashion chairman Lee Sun-seop, said: "The collaboration between Cowell Fashion, which has state of the art planning, design, and production know-how, and Superdry, which has a long history of innovation and brand power, can be said to be the beginning of a paradigm shift in the Korean fashion industry.

“With the two companies aligned together through explosive synergy, the plan to grow Superdry into a super brand across Asia is an exciting proposition as long-term partners.”

High street fashion retailer Superdry suspended the trading of its ordinary shares on the London Stock Exchange from 7.30am BST today (30 August) and has delayed the publication of its full-year financial results.