Superdry founder claims he has City support for comeback

By

Barbara Santamaria

Published
Mar 27, 2019

Superdry co-founder Julian Dunkerton has claimed he has the support of a number of shareholders ahead of a key vote next Tuesday on whether he should return to the board.

The British entrepreneur has nominated himself and former Boohoo chairman Peter Williams to the board of directors, plotting a return to the company he co-founded with James Holder in 1985.

Dunkerton still owns an 18% stake in the business, and stepped down from the board last year.

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Speaking with City AM he criticised the clothing brand’s current leadership and insisted that key City investors have backed his campaign, despite Superdry’s board recommending shareholders to vote against his appointment in a strongly-worded release earlier this month.

“We’ve had a very positive response from the shareholders that we’ve met and have received multiple pledges of support,” Dunkerton told City AM on Wednesday.

“Nobody that we have met during the last few weeks has pledged their support for the management team so far.”

Dunkerton has been very vocal about his concerns over Superdry’s direction in recent months amid declining profits. Last year, the firm saw its value decrease by £250m following an 80% crash in its share price.

“The momentum is with us. The City has understood there is no rationale for this current strategy,” he insisted.

Meanwhile, Superdry has claimed that the co-founder’s return would be “extremely damaging to the company” and that it would “lead to a strategy that would fail”.

Last week, shareholder advisory firm ISS recommended investors to block his reinstatement, highlighting his role in the challenges facing the troubled business.