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Superdry (SDRY)

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Superdry founder wins boardroom battle and wrests back control

02 Apr 19

LONDON (ShareCast) - (Sharecast News) - Superdry founder Julian Dunkerton has won his battle to be reinstated to the ailing fashion brand's board.
The company said that 51.15% of investors had backed a resolution to elect him as a director at an extraordinary general meeting on Tuesday, with 48.85% voting against it.

Another proposal, also put forward by Dunkerton and co-founder James Holder, to elect Peter Williams, chairman of online retailer Boohoo, as non-executive director was also passed, with 51.15% voting for and 48.85% against.

A wider shake up of the board now looks likely. Superdry said that the board had already indicated that the directors would either resign or not seek re-election should the resolutions pass, noting: "Mindful of their responsibilities, individually and collectively, as custodians of the business, and to the broader stakeholders of the company, the board, including Julian Dunkerton and Peter Williams, will meet immediately to assist this process of change."

Dunkerton, who founded the brand in 2003, was chief executive of Superdry until 2014, when it stepped down to become creative director. He left the business a year ago but remains a significant shareholder with an 18% stake; together Dunkerton and Holder control around 29% of the business.

Former Co-op boss Euan Sutherland took over from Dunkerton, but they have clashed over the chain's long-term strategy. The once in-demand brand has fallen out of favour, causing sales and profits to slide and its share price to tumble 65% over the last year.

Under Sutherland, the brand has sought to expand away from its core range of branded clothes, and has also moved into childrenswear.

As at 1500 BST, shares in Superdry were off 7% at 507p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.


Market Data

Currency UK Pounds
Price 465.20p
Change Today -2.20p
52 Week High 782.00p
52 Week Low 355.20p
Volume 2,619
Shares Issued 82.00m
Market Cap 381.47m


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Amount 2.20p 9.30p