Superdry appoints Interpath to advise on cost structure
Superdry has appointed advisers from Interpath to advice on its "cost base and structure" as it works to complete its turnaround programme.
The premium fashion brand confirmed to Sky News that the City advisers had been appointed, stating: "We have engaged Interpath to advise us as we work to complete the turnaround of Superdry in today's much-changed retail environment, and ensure we have the right cost base and structure in place for future success."
The news outlet reports that Interpath is likely to focus on Superdry's wholesale business and would be engaging with Bantry Bay Capital, the investor which injected £80 million into the fashion retailer in December.
At the time it announced the refinancing Superdry said that it had witnessed strong store sales in the previous six months, stating the its core category of jackets had performed particularly well. However in January the business was forced to downgrade its profits forecast after shipping delays hit its wholesale business.
It revealed that revenues in its wholesale business slumped by more than 57% in the nine weeks to 31 December due to post-Covid lags in dispatching items. This led the retailer to downgrade its expected adjusted pre-tax profits to broadly breakeven, from previously estimating that profits would hit between £10 million and £20 million.
CEO Julian Dunkerton has brushed off speculation that he had plans to take the business he co-founded in 2003 back into private ownership.
In a recent interview with TheIndustry.fashion, Julian Dunkerton explained how he was placing sustainability and affordability at the centre of his strategy and talked through the thinking behind its new Merchant Store premium collection.