SuperGroup buys French distributor for £33m

SuperGroup, the company behind the Superdry fashion brand, has bought its Benelux and France franchise and distribution partner, CNC Collections, paying up to 40 million euros (£33.7m).

SuperGroup, whose clothes are worn by celebrities such as David Beckham, Leonardo DiCaprio and Zac Efron, said on Friday, it would pay 7m euros in cash and 21m euros in SuperGroup shares to CNC's principal Luc Clement.

A further payment of 12m euros in shares is subject to performance criteria being met over the next three years.

Clement will join SuperGroup as head of European franchising.

SuperGroup said it expected CNC's sales to exceed 40m euros and its profit to increase about 8m euros in the first full year of ownership.

It said the deal would accelerate its international franchise roll out and enable it to operate owned larger-format stores in key locations across Europe.