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Julian Dunkerton, the brand’s founder and CEO, has hired Interpath Advisory to draw up cost-cutting plans amid tough trading conditions, Sky News learns.
By Mark Kleinman, City editor @MarkKleinmanSky
Superdry, the fashion retailer, has drafted in a leading firm of City advisers to help it cut costs following a string of profit warnings.
Sky News has learnt that the company, headed by founder Julian Dunkerton, has hired Interpath Advisory to address its cost base, which analysts speculated could lead to a number of job cuts.
City sources said on Friday that Interpath’s work was likely to encompass plans for Superdry’s troubled wholesale business and would include engaging with Bantry Bay, the firm which extended financing worth up to £80m to the retailer in December.
In a statement issued to Sky News, a spokesman said: “While Superdry has seen strong store and online trading and the brand continues to resonate with consumers, these are challenging market conditions for all brands in the fashion sector.
“We have engaged Interpath to advise us as we work to complete the turnaround of Superdry in today’s much-changed retail environment, and ensure we have the right cost base and structure in place for future success.”
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Superdry has seen its shares crash by more than a quarter over the last year amid doubts about its future.
On Friday, the stock was trading at around 120.8p, giving the company a market capitalisation of just over £100m.
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There has been persistent speculation that Mr Dunkerton might make an offer to take the company private.
Superdry’s founder, who established the business in 2003 before being ousted and then returning to the helm, said last month he had “no plans to do this at the moment”.
Although he is bound by the City takeover code, Mr Dunkerton would be free to make an offer if he had the support of the Superdry board.
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