SuperGroup in €40m deal to expand in Europe

SuperGroup, owner of the rapidly growing Superdry clothes chain, has paid €40m (£33.7m) in cash and shares to buy out its Benelux and France franchisee CNC Collections from its owner Luc Clément.

CNC is the leading franchisee globally for the Superdry brand and Clément will become SuperGroup's head of European franchising.

It has been a distribution partner of SuperGroup since 2004 and a franchisee since April 2008, runs 29 stores.

SuperGroup chief executive Julian Dunkerton told City A.M: "This is about us expanding in Europe and using the Westfield mall blueprint – our store there is very successful.

"This is a very exciting prospect and Luc Clément is fantastic to have on board, he is like-minded and an exceptional person."

Of the €40m sum €7m is payable in cash on completion.