Supergroup, the company behind young fashion retailer Cult and the Superdry brand, is to beef up its management ahead of a planned stock market flotation next year, which would value the business at a minimum of £400m.
Supergroup, which has 40 stores and about 350 wholesale stockists, plans to appoint a chairman and five non-executive directors.
Founder Julian Dunkerton, who controls 52% of the business, said: “We are looking for a chairman who is familiar with the flotation process and can lead the business through it.”
Dunkerton and his co-directors James Holder and Theo Karpathios, who both have a 19% stake, are expected to list between 25% and 50% of their holding. All three will remain at the business post-float.
Supergroup has defied the recession and profits are set to more than double to £25m for the year to April 2010. Dunkerton said: “We have flown through the recession. From the indicators I have seen, the [stock] market is making a reasonably strong recovery. It’s the right time to float.”