Superdry founder secures top job

Superdry co-founder Julian Dunkerton has been appointed chief executive on a permanent basis, the last step in a bruising boardroom battle over the direction of the fashion brand.

Dunkerton, the group’s largest shareholder with a 20.3% stake, left in 2018. But he became unhappy at the brand’s subsequent direction and began a campaign to re-join the board.

He succeeded in April 2019, prompting the resignation of chief executive Euan Sutherland and other directors. Dunkerton was appointed chief executive on an interim contract. That was due to expire in April 2021, but on Wednesday the chain confirmed that he would now take on the role on a permanent basis.

Superdry said: "Julian will build on the good progress made on the reset of the business and the brand to date, and ensure Superdry fulfils its potential as a world-class, sustainable fashion brand."

The firm also announced that industry veteran Silvana Bonello was joining as chief operating officer and that chairman Peter Williams would step down next year once his successor was appointed.

Williams said: "Since re-joining the business, Julian has been driving forward the transformation of the business and resetting the Superdry brand.

"I joined as chairman with a clear goal of ensuring a smooth transition following the change of management last year. I am proud of the progress we are making to stabilise the business and rest the Superdry brand. Julian and Silvana’s appointments are among the last steps in putting the right team together to secure the turnaround of the business.

"With the search for a new chief financial officer well advanced, the completed executive team will be in place early next year and so 2021 is an appropriate time for me to step down."

Bonello, who spent 18 years at Nike and most recently was EMEA vice president, operations, for Vans, will report directly to Dunkerton. She will relocate from Switzerland to London in March to take up the role.

Broker Peel Hunt said: "We see this as a good appointment for Superdry. Julian is key for the brand and business development, and clearly needs to be leading the business at the juncture, but also needs strong support for the operational running of the business.

"While there is an element of downside risk to current year forecasts – but no liquidity risk – from lockdown 2.0, the shares remain oversold in our view."

As at 1030 GMT, shares in Superdry were ahead 8% at 259.08p.