Superdry is to axe more than 100 jobs at its Cheltenham headquarters as part of its £20m cost-saving strategy.
The lifestyle brand launched consultations yesterday, and will cut between 100 and 200 head office jobs across all teams.
A spokeswoman for Superdry said: “As announced at our interim results in December, we have embarked on a cost-transformation programme. As part of that, we have started a process of consultation with colleagues about how it will impact our central head office functions.”
In December, Superdry announced plans to step up its transformation programme in a bid to revive its fortunes. Global brand revenue rose 5.4% for the 13 weeks to 26 January, but total group revenue dropped 1.5% year on year.
The news comes after Superdry co-founder Julian Dunkerton last week demanded a shareholder meeting as part of his efforts to stage a comeback at the brand. The requisition for a general meeting calls for Dunkerton to be appointed as a non-executive director.
On the proposed job cuts Dunkerton said: “We are now seeing the human cost of a failing strategy at Superdry. Talented people will be losing their jobs – so much creative talent is being stripped out of the company. The leadership team clearly lacks any strategic vision. They are now trying to cost cut their way back to profitable growth, which is doomed to fail.”
Dunkerton and co-founder James Holder together own 29% of Superdry, and have created the website savesuperdry.com, which has been established to maximise transparency for stakeholders in the campaign to “save” the company.