Shake-up at Superdry turns sour

Designer chic: Superdry’s co-founder Julian Dunkerton with his wife Jade Holland Cooper

Superdry co-founder Julian Dunkerton saw his stake in the business plunge by £7 million in three months – much more money than he ever earned in pay and bonuses as the company’s chief executive.

Dunkerton, 58, owns more than a quarter of the Japan-inspired retailer, which was one of the biggest names on the high street not so long ago.

At its height the company was valued at £1.6 billion and its jackets were flaunted by footballer David Beckham and actor Idris Elba.

But Superdry has been struggling in recent years and the once-mighty firm is now worth just £55 million.

In delayed results released on Friday, Dunkerton admitted it had been another ‘difficult’ 12 months for the business. The company plunged to a loss of £148 million and saw its debt spiral.

Superdry has been plagued by rumours that it might go private and that its future is in question.

When Dunkerton last bought stock in the company at the end of May, his stake in the group was worth around £21.5 million. At that time the company’s share sale raised £11 million to bolster its balance sheet.

But shares have tumbled over the summer, wiping £7 million from his holding by the time its stock was temporarily suspended from trading on the London Stock Exchange at the request of the company.

This drop is more than the £4.7 million he earned over the 11 years that he was chief executive at Superdry, which he co-founded in 2003 with James Holder.

Dunkerton, who married designer Jade Holland Cooper in 2018, led Superdry through its London Stock Exchange listing in 2010 and was chief executive until 2015.

He stayed on the board before leaving the firm in 2018 – only to return a year later when he engineered a board clearout and comeback as chief executive after being dismayed about its performance.

Dunkerton pledged to spend his second stint as chief executive shaking up Superdry’s design strategy by focusing more on the hoodies and jackets that made the company famous.

A source close to the business said: ‘Julian believes passionately in the brand which is why he underwrote the equity raise and has continued to buy shares in the company.

‘Clearly it has been a very challenging time, but the balance sheet issues have now been addressed and Julian is incredibly positive about the new product that’s coming through.’