Cheltenham-based Superdry is close to striking a partnership with India's biggest retailer.

The fashion brand is said to be in in advanced talks with Reliance Brands, about a new licensing joint venture, as reported by Sky.

If it goes ahead, the deal is expected to be worth more than £25m to Superdry.

The company is already Superdry's retail partner in India, where it operates dozens of stores.

This is just the latest bid by Superdry to raise cash following a downturn in trading. It reported last month on a pre-tax loss for the year to April 29 of £21.7m, compared to pre-tax profits of £21.6m the previous year.

In August, it announced that it had agreed up to £25m in funding from restructuring specialist Hilco Capital to help fund its turnaround plan. This was on top of an existing £80m asset-backed loan with Bantry Bay Capital.