Superdry raises £12m to help it “emerge from the current turbulence”
Superdry has announced the completion of its proposed equity raise - raising gross proceeds of approximately £12 million – as it continues to try to turnaround the business in the face of tough trading.
It raised £11.1 million through the sale of new shares and £0.9 million from a retail offer. The retailer issued 15.7 million new ordinary shares, representing approximately 19.1% of the company’s existing issued share capital, and both new and existing investors participated in the equity raise.
Superdry Co-founder and CEO Julian Dunkerton took part in the fundraising, upping his stake from 24.7% to 25.4%.
The issue price was 76.3 pence per share, which represented a 9.9% discount to the closing share price of 84.7 pence on 2 May 2023.
In March 2023 Superdry revealed it has sold its intellectual property assets in certain countries within the Asia Pacific to South Korea's Cowell Fashion Company for £40.7 million ($50 million), giving the business a cash boost.
In April 2023, Superdry warned over its profits and revealed plans to cut costs by £35 million after struggling against dampened consumer spending. It was then that the retailer said it was considering a fundraise in a bid to shore up cash to help it “emerge from the current turbulence”.
Yesterday, 3 May 2023, Superdry confirmed the departure of Chief Operating Officer Silvana Bonello who has worked for the company since March 2021.
Read TheIndustry.fashion's recent interview with the CEO of Superdry, Julian Dunkerton.
