SuperGroup, the parent company of young fashion brand Superdry, will today announce a range of measures to deliver “sustainable, long-term growth” including bringing its US licence in-house, bolstering its board and a collaboration with actor Idris Elba.
In a strategy update to be delivered to the City at 2pm, the company is expected to reiterate its profit forecast for 2015 will be in the range of £60m to £65m.
It has paid £22.3m to acquire the licence for North America, Canada and Mexico, terminating the current 30-year deal with US firm Sunrise Brands.
The group said it will seek to reduce its current £5m loss in the US before increasing its wholesale and retail presence there. It has 15 stores in the country.
It also plans to expand in Austria, Poland, Spain and Italy over the next five years, but did not provide any figures for this.
Actor Idris Elba forms part of the product strategy. The British star will design a premium line of clothing with brand and design director James Holder. Superdry will also expand its active sportswear ranges which cover rugby, ski and snow sports.
The company has announced that Penny Hughes has joined the board as an independent non-executive director, with effect from April 1. Currently a non-executive director of Morrisons, she has previously held positions at Gap and Next.
Superdry will also start paying dividends, with an interim payout in its 2016 financial year.
Its update will set out the four pillars of its growth strategy. These comprise extending the Superdry product range, executing global growth in new markets and online, broadening the brand’s appeal, and investing in people, processes and systems.
In a statement released this morning, chief executive Euan Sutherland said: “Today we are setting out our strategy to deliver sustainable growth at SuperGroup, as we continue progressing towards our goal of creating a global lifestyle brand.”
Superdry has 96 stores and 64 concessions in the UK and 50 stores, 126 franchise stores and 13 concessions in Europe.