Supergroup, the fashion business behind the Superdry brand, will storm into the FTSE 250 next year with a stock-market listing valuing the business at £400m.
Superdry and sister retail business Cult Clothing have defied the downturn with like-for-like sales up 22% in the past 12 months and profits in the year to April 2010 set to more than double to hit £25m.
According to The Times the stock market flotation will allow founders Julian Dunkerton, who controls 52% of the business, James Holder, who also founded young fashion brand Bench, and Superdry director Theo Karpathios, to cash in part of their stakes.
Holder and Karpathios each own about 19% of the company and Supergroup’s stock-market flotation is expected to raise at least £100m of new capital.
Superdry recently opened a flagship store in New York, another in Cardiff and is planning a minimum of 20 new stores next year, as well as more franchise outlets in the Benelux countries, Australia, Panama and Venezuela.