Superdry’s co-founder Julian Dunkerton on Thursday launched his most blistering attack yet on the fashion brand as he battles to return to the business.
Ahead of meeting shareholders on April 2, he said the share price has had “a catastrophic decline” over the past year and the slump in sales was a result of its current “failed strategy”.
Dunkerton, Superdry’s largest shareholder, demanded an extraordinary meeting with investors last month to enable his return as a non-executive director. He was chief executive until 2014, when he handed over to Euan Sutherland while continuing as creative director.
He stepped down as creative chief in March last year and the two sides have been blaming each other ever since for the fall in sales. Dunkerton said: “I was increasingly marginalised and largely cut out of the creative and design process from July 2017.”
Superdry, in turn, said it has been too reliant in the past on the hoodies and jackets that were Dunkerton’s staple designs.
Superdry told shareholders on Monday that his return would be “extremely damaging” and “cause departures of key personnel”.
Superdry added on Thursday that "there is little new information and no clear articulation of the proposed strategy in the [Dunkerton's] statement" and the board's position remains unchanged.
The retailer issued two profit warnings last year. Shares were at 524p today, down from 1781p a year ago.
