Dunkerton plots Superdry comeback alongside Boohoo chairman
Superdry co-founder Julian Dunkerton has officially demanded a shareholder meeting as part of his efforts to stage a comeback at the fashion chain.
The requisition for a general meeting also calls for Peter Williams, who chairs fashion chain Boohoo, to be made a director. Dunkerton is acting with co-founder James Holder. Together the pair own 29% of Superdry.
A stock exchange announcement read: “Julian Dunkerton and James Holder, the co-founders of Superdry and the beneficial owners of c.29% of the company’s shares, announce that they have… requisitioned Superdry to convene a general meeting of shareholders.
“The purpose of the meeting is to put forth resolutions for the appointment of Mr Julian Dunkerton and Mr Peter Williams to the board of directors of Superdry.”
Superdry’s current management, led by chief executive Euan Sutherland, have been involved in a months long dispute with Dunkerton, who has slammed their strategy as “misguided”.
The retailer has posted a string of disappointing results, including a December profit warning, which Dunkerton believes is evidence that Sutherland is “failing dismally”.
Dunkerton said on Friday: “All shareholders in Superdry are continuing to suffer as a direct result of the current misguided strategy. We have all waited and suffered long enough: the time to act is now.
“This is why, having exhausted all other possible avenues for a constructive and consensual solution with the board, we have been left with no other option but to requisition a general meeting to put the question of my return to the board, together with the appointment of Peter Williams, to a shareholder vote.”
He added that, since leaving the board in March last year, the company and the brand have been “devastated ” and the share price has collapsed over 70%.
For its part, Superdry has recently appointed a new creative chief as the fashion brand looks to arrest falling profits and see off Dunkerton’s assault.
It enlisted the services of former Nike executive Phil Dickinson to work as creative director in January.