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Julian Dunkerton urges Superdry shareholders to vote him to board

Julian Dunkerton has written a letter to shareholders urging them to elect him and Peter Williams to the company’s board at its upcoming general meeting. 

It comes after the Superdry board unanimously recommended that shareholders vote against the appointments of Dunkerton and Williams as directors of the company in a general meeting that will be held on 2 April. 

On 1 March, Superdry co-founder Dunkerton officially demanded a shareholder meeting as part of his efforts to stage a comeback at the business.

The requisition for a general meeting called for Dunkerton to be appointed as a non-executive director. It also called for Williams, chairman of online retailer Boohoo Group, to be made an independent non-executive director.

In a letter published today (14 March), Dunkerton said he would work to restore double-digit percentage (EBIT) margins and rebuild profitability in two to three years.

He also pledged not to sell his 18.4% stake in Superdry for at least two years. 

The letter cited ”mistaken strategy; dismal financial performance”, “loss of brand Identity”, “low employee morale” and “loss of creative talent” as the purpose for getting back onto the board. 

He said the main objective is to “revive Superdry”. 

Superdry confirmed that its position remains unchanged. 

In a letter sent to shareholders today, chairman Peter Bamford, said: “The Board has reviewed [Dunkerton’s letter] and believes that it largely consists of points that the Board has heard in previous engagements with Mr Dunkerton and Mr Holder and has already addressed in the company’s shareholder circular issued on 11 March 2019. There is little new information and no clear articulation of the proposed strategy or action plan.”

 

 

 

 

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