$ 2 billion falling from a fashionable image Superdry turns to grain


Exceptional materials, “long-forgotten”, are idiomatic, and they all look the same.

The British emblem board logo, famous for its Japanese writing over the hoodies and jackets, was swept away its own goods in wartime war with the founders.

Both sides blame each other for the tremendous decline of the Superdry's fortunes, following over 70% of the £ 1.2 billion ($ 2.2b) share price in the 12 companies. T past months.

Much of the blame has been pushed in an area of ​​autumn / Winter 2018.

Former chief executive and co-founder Julian Dunkerton stopped in March last year by naming "other applications for his time", but more recently he has started talking about a "divergent strategy" a Sutherland leader leader – providing an uncertain response.

Dunkerton, who set up the business from Cheltenham's market stall by James Holder in 2003 before sending the company at London Stock Exchange seven years later, now wants to return to the flag as a flag and director. goods.

Both are still keeping just under 30 per cent of the company's categories. On 2 April they have created an extraordinary meeting for a vote on return of Dunkerton, along with the Boohoo executive team, Peter Williams.

"All shareholders in Superdry continue to suffer as a result of the current diversionary strategy," Dunkerton said in a statement in March 1. "We have all waited and suffered long enough – it's time to be working. "

In a scathing letter to shareholders this week, Superdry's board urged shareholders to vote against the proposals.

He warned that the return of the "Chief Commander" would bring "ridicule", "destroy confidence" and lead to "an effective relationship between Dunkerton, the board, the Chief Executive and senior management team" ".

“The board is of the opinion that the return of Dunkerton to the company would, in any way, be devastating for the company and its future,” said the letter.

“Julian Dunkerton, as the company's flag and director of goods, played an active role in the design role, selecting a range and building the 2018 Autumn / Winter range area, which helped with the company's under-achievement in FY19. "

The letter pointed out that Dunkerton comments had not been "developing with the business needs of an expanding international multicast brand" and would return to a variety of variable and comprehensive areas, counting high-volume options, and low sales level module ".

Explaining the Autumn / Winter 2018 failures, the letter said that it "represented some fundamental issues in the approach to production and innovation" recognized by the board up to leaving Dunkerton.

They included "over-reliance on sweeping and graphic style jackets that had not been innovated and the effects of warm climate climates and they depended on hyperinflation and over-branding".

He added "too many of the options that did not occur with only minor differences (such as the) the same substance in different colors or with a different logo", under-represented in "higher-growing regions". as active, dresses, den, and premium price "and" there are no choices in high value areas such as children's clothing and licensing ".

“Thinking again about the complex style of Dunkerton and an unattractive leadership style, it did not accept any accountability for the Autumn / Winter 2018 range, even going to reject any interest. although the evidence was broad and detailed, "said the letter. t

He went on to say that "statistical reliable data" was not supported for many Dunkerton's Holder ideas "and was largely" unsubstantiated or worthy ".

"The Dunkerton industrial breakthrough was not, and was not, able to scale to meet the company's needs and it led to a serious problem as it was a sign and a director of goods," he said.

“The company has grown hugely in culture and values ​​over the last four years, and in particular since the company's departure from Dunkerton, its approach has become more collaborative and accessible. more obvious. "

The letter stated that he was "clear to the board, based on his views on Dunkerton behavior and attitudes, which had been seen in the functional capacity and by the board himself that he was not fit for a non-executive role".

Dunkerton has not yet responded to the board's letter.

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