The founders of Superdry parent company SuperGroup, Julian Dunkerton and James Holder, have launched a long-term share incentive scheme for the firm’s 4,500 members of staff.
The move is part of a wider strategy to attract and retain the best people, the business said.
At the conclusion of the three-year scheme, which launches on 1 October, Dunkerton and Holder will transfer 20% of their gain from any increase in the group’s share price over a threshold of £18 into a fund.
Under the plan, for each £5 share increase over the £18 threshold, full-time store staff and those in junior roles in the head office, totalling more than 2,600 people, would be awarded up to £2,000 at the end of the three years.
The equivalent figure for store managers would be £28,000, for senior leaders up to £75,000 and for executive team members would start at £300,000. All awards will be over and above existing pay and bonus arrangements.
The proceeds will be shared between all Superdry staff who have been employed for at least 18 months when the plan matures, including those who work part-time.
Senior staff will get share options which are exercisable in January 2021 and January 2022, other staff members will receive awards, whether in cash or share options, in January 2021 and July 2021.
Chief executive Euan Sutherland and chief financial officer Nick Wharton already participate in existing long-term incentive arrangements, and have waived their entitlement to take part in the scheme, in order to ensure it can cover everyone in the group’s stores and head office.
The entire cost of the plan is being funded by Dunkerton and Holder. Each £5 increase in the share price over the £18 threshold would see the founders paying £30m into the scheme.
Dunkerton said: “James and I passionately believe that the success of the Superdry brand is down to the combined work of all our people. As the founders of the business we remain significant investors and it is important to us that we share our on-going success with all colleagues. This is the right way to ensure that our great team is properly rewarded for all the work they are doing to grow our global lifestyle brand.”
Sutherland added: “SuperGroup’s strategy is delivering for consumers, colleagues and investors, driven by the hard work of our people that drives the relentless innovation across our business. We have achieved significant growth in sales and profits across all channels and geographies, while operationally transforming the business as a global team.
“We remain confident in our strategy and believe that this innovative approach to reward for everyone will help us attract and retain the very best talent as we continue to deliver for consumers and create sustainable value for our investors.”