Returning like a Super hero
Founder ousts board but shares fall
Julian Dunkerton THE board of fashion giant Superdry quit yesterday after its founders pulled off a dramatic coup.
Four top bosses, including embattled chief executive Euan Sutherland, went immediately. Four others will stay until July.
Julian Dunkerton, who sparked the overhaul, was made interim boss. The tycoon narrowly won a shareholder battle to rejoin the board, backed by co-founder James Holder. Peter Williams, chairman of rival fashion firm Boohoo, will now also head up Superdry. He and Dunkerton said in a statement: “We look forward to rebuilding the Superdry brand and the business.”
It marked victory for Dunkerton in a bitter fight to regain control of the company.
The 54-year-old started out on a Cheltenham market stall and, with Holder, founded Superdry in 2003, with its Japanese-inspired designs proving a big success.
Dunkerton, who left the business a year ago, blamed ex-Co-op boss Sutherland and its new management for a drop in sales.
A slump in Superdry’s share price has dented Dunkerton’s fortune as he is the firm’s biggest shareholder with an 18% stake.
He took another financial hit yesterday after Superdry’s share price fell almost 9%.
Dunkerton’s election scraped over the line, with 51.15% of the total votes cast.
Two big shareholders, Investec and Schroders, backed Dunkerton’s return.
But Aberdeen Standard Investments, the firm’s second largest investor, sided with the board.
Superdry’s brokers, UBS and Investec, also resigned from the firm yesterday amid the shake-up.