US fund Gatemore Capital has said it is yet to receive a “substantial” response from members of the French Connection board to its complaints about the retailer’s performance, management structure and use of the FCUK slogan.
Gatemore Capital, which holds an 8% stake in French Connection, wrote an open letter to the company criticising its poor performance compared to rivals and arguing the board’s plan to reverse the company’s fortunes did not go far enough.
The fund confirmed it had received a response, but its concerns have yet to be properly addressed.
A spokesman said: “Gatemore has received an individual reply directly from French Connection UK’s CEO/chairman, which we believe does not substantially address any of the issues we had previously raised regarding the company’s performance.”
Drapers has contacted French Connection for a comment.