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WWith the new leaders in place and its founder, Julian Dunkerton, back at the helm, the beleaguered Superdry fashion chain will be back in the limelight this week announcing its annual results – a few days later than expected.
The channel had to release the results last week but had to postpone them: this is probably the least hectic thing that has happened to the company in recent months.
In April, Dunkerton, the company's largest shareholder, won a six-month battle to join him, urging the entire board to resign, including managing director, Euan Sutherland.
The following month, the fashion brand issued its third earnings warning in eight months, stating that it would miss City's forecast for pre-tax profit of 54.1 to 59.4 million pounds sterling on 27 April.
And last week, he announced the appointment of two experienced personalities on the board: former Marks & Spencer CFO Helen Weir and former New Look CFO Alastair Miller.
Julian Dunkerton is the first to admit that Superdry is his obsession. "I live, breathe and wear Superdry," a 54-year-old entrepreneur recently said of the fashion brand he co-founded 16 years ago. "I have other companies, but Superdry is my obsession."
After three B-level degrees to meet his ambition to become a doctor, Dunkerton is focused on fashion. Living from the Margaret Thatcher government business allowance scheme, which was paying £ 40 a week to budding entrepreneurs, the son of a BBC producer, trained at public school, started selling clothes at the Cheltenham market. This booth was to become a hit channel, Cult Clothing, but Dunkerton did win gold in the early 2000s when he teamed up with designer James Holder to create Superdry.
Superdry has grown rapidly, helped by celebrities such as David Beckham. In 2010, Dunkerton, which still owns 18% of the company, made a down payment of £ 80 million when it went public. The businessman, who drinks nine shots of coffee a day, avoids smartphones, arguing that he "clutter" the time spent with emails. If he has free time, he fishes on the Avon River, near the company's headquarters in Cheltenham.
Dunkerton's other interests include his family's organic cider business and a chain of gourmet restaurants and hotels in his hometown of Cheltenham. He recently remarried fashion designer Jade Holland Cooper, who runs his own label.
Dunnkerton left Superdry last year after a strategic fight, but last year's interview said he would have a hard time leaving: "I do not want to sit on a luxury yacht and wring inch, "he said. "If you were a brilliant tennis player, you would not stop playing, would you?"
At the same time, the announcement of the annual results was postponed from July 4th to Wednesday of this week after the company declared that its auditors needed more time after a review of its stores.
So it was a tumultuous time for the brand, which became very important when David Beckham wore one of his "Osaka 6" logo t-shirts on the cover of his 2005 calendar.
The company was created by Dunkerton and designer James Holder in Cheltenham in 2003. After transferring the role of general manager to Sutherland in 2014, Dunkerton stayed at Superdry and recently held the position of 'Founder and Product Brand Manager'. ".
However, he resigned last March after disagreeing with the reshaping of Sutherland's business, which then led to a collapse in sales and a series of profit warnings.
Dunkerton said, with characteristic aplomb, that he was "probably the most experienced man in this sector in this country as we know him," when he criticized the direction taken by the society.
Julian Dunkerton, who founded the fashion brand in 2003 with designer James Holder. Photography: Superdry / PA
After his six-month campaign, he was reinstated as head of the company and began increasing the number of products in his range sold online and sought to restore his "strong brand identity."
Larger stocks were put on sale in its flagship stores, including Regent Street, London, and promotions were reduced to improve profit margins. Two – for – one dealings at factory outlets have been discontinued, 500 new products are expected by the end of the year and plans for a new range of children 's clothing developed by the company. previous direction were abandoned.
Analysts have expressed divergent views on the company's potential. Investment bank Liberum has said that "bridge clearance can be liberating," adding that management teams rarely have the opportunity to rebase a business. "We recommend that management take a bold and determined approach," said a note. However, stockbroker Stifel reiterated its sales rating, saying: "The latest news heralds another year of moderate growth for fashion brands and we remain cautious in our forecasts for the coming year. The new management team has made important promises to shareholders, but self-help activities may not be enough to offset the macroeconomic environment and consumer weakness. "
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