Superdry founder hails ‘dad brand’ as he takes retailer private

THE founder of Superdry has said he does not care that the retailer is increasingly seen as a “dad brand”, as he prepares to take the business private.

Julian Dunkerton said he is “not ashamed” of appealing to older shoppers after the company was forced to launch a significant restructuring programme after a slump in sales. The overhaul will lead to it quitting the London Stock Exchange, as Mr Dunkerton seeks to rescue the business that he launched from a market stall in Cheltenham in 2003.

He said: “I’m not ashamed of having a 50-year-old consumer as long as I’ve got a 16-year-old coming through as well.” The announcement marks the latest chapter in the history of Superdry, which started life as an in-house brand for Mr Dunkerton’s retail business Cult Clothing.

As the brand grew, Superdry’s garments became popular with millennials. However, over the last decade, it has developed an association with older male shoppers. Mr Dunkerton, 59, who serves as the company’s chief executive, said that the brand’s recent inability to modernise has been fuelled by excess stock.

He said: “The fact is that we’ve had to deal with 19m garments and have been quietly reducing them.

“But if you’re releasing three million garments into the market that are old and historic, it’s going to hurt your brand and stop you from developing. We’re almost at the point where we need to focus on creating new products and pushing forward.”

His comments come as the fashion retailer said yesterday that it would quit “the heightened exposure of public markets” in July, which has been buffeted by weak sales and soaring costs.

Revenues at Superdry sank by almost a quarter (23.5pc) to £219m over the six months to the end of October last year. Mr Dunkerton added: “We’re in a very turbulent, difficult turnaround situation. The speed of decision-making that is required and the cost of being in the public markets do not make sense.”

Shares in the retailer have plummeted by more than 80pc over the past six months, meaning the business is now worth £6m.