British Tide Superdry Founder Returns To Company Management And Resigns

April 2, 2019: British garment retailer Superdry PLC (SDRY.L), the extremely dry co-founder Julian Dunkerton, was fully supported at the shareholders' meeting and successfully returned to the board of directors.

Julian Dunkerton and the former executive director Peter Williams of the British fashion business Boohoo Group PLC (BOO.L) were elected by 51.15% votes.

Superdry PLC extremely dry chairman Peter Bamford stressed that the board of directors of the group unanimously rejected the resolution of the two member to join the board of directors, and eliminated 74% votes from Julian Dunkerton and another co founder James Holder.

Earlier, the board of directors issued a notice that the return of Julian Dunkerton would "weaken overall morale" and "devastate" the company and the prospect, and threatened collective resignation.

After today's shareholders' meeting, the board of directors immediately met with Julian Dunkerton and Peter Williams. After the meeting, they announced that they would honor the threat of collective resignation.

The resignation of chairman Peter Bamford, chief executive officer Euan Sutherland, chief financial officer Ed Barker and chairman of the Remuneration Committee and the independent non-executive director Peter Hughes entered into force immediately, while the senior independent non executive Dennis Millard and three other non executive directors, three and three have resigned in advance of the contract requirements and will be out of office in July 1st.

The two stock brokerage firms of the group, UBS AG, UBS and Investec, also retired.

At the same time, he served as the chief executive officer and chief financial officer of Selfriedges & Co. Ltd., ASOS PLC (ASC.L) director of the high-end department store in the United Kingdom, and Peter Williams, who left Boohoo Group PLC just at the end of March, was appointed chairman of the board of directors of the extremely dry and extremely dry. The two will be appointed temporary. "We look forward to rebuilding the brand and business."

Superdry PLC (SDRY.L) opened 2.2% higher on Tuesday, and increased to 5% at midday. After that, it dived and closed 8.8% at the lowest 500 pence.

The announcement of the resignation of the management group was released after the meeting.

Today's Superdry PLC is extremely dry and evolved from Julian Dunkerton's clothing brand CultClothing founded in 1985 by Ian Hibbs.

In 2004, Julian Dunkerton and designer James Holder, the first Superdry ultra dry independent store opened in Covent Garden, London.

In March 2010, the group landed on the London Stock Exchange on the scale of 49 international markets and 550 stores. After four years, JulianDunkerton left the CEO and Euan Sutherland began to take over.

In July of last year, 6.7% shares were reduced by 89 million pounds. At present, Julian Dunkerton still holds 18.4% of the group and the proportion of James Holder is 9.7%.

In March 31, 2018, Julian Dunkerton quit the extreme dry director of Superdry PLC. His decision stems from the disagreement between management and other issues such as the expansion of the category and the direction of the development of e-commerce. At that time, he said he could not let his name be related to these strategies. After that, he continued to publicly blame the management, and EuanSutherland was the first to bear the brunt.

He has met with group managers and institutional investors since November, seeking to return to the group, and to build a website called SaveSuperdry to promote his opinion.

As of Tuesday's closing date, Superdry PLC (SDRY.L) has fallen more than 2/3 since Julian Dunkerton left. The group has also issued earnings warning many times.

It is reported that many shareholders at today's conference expressed their anger on the management strategy that led to a sharp shrinkage in their investment. A former employee holding a group of shares criticized the board of directors for ignoring the interests of shareholders and "just looking at their own money".

Last October, Superdry PLC was extremely dry, complaining that the hot weather in the summer and early autumn led to the slow sale of new products in the autumn, warning that the annual profit fell by 11 million pounds than expected. In December, it warned that the negative impact of earnings would be as high as 33 million pounds on the same grounds.

The pre tax profit outlook for fiscal year 2019 is only 5500-7000 pounds, while the pre tax profit in fiscal 2018 is 97 million.

At the beginning of last month, the group announced the reduction of its 1/5 headquarters, that is, about 200 employees would be disbanded, thereby reducing the cost of 50 million pounds in the next three years.

During the holiday season as of January 26th, Superdry PLC's extremely dry stores and online sales fell 8.5% and 0.7% respectively, although wholesale sales increased 12.7% to some offset, but overall revenue fell by 1.5% to 269 million 300 thousand pounds a year.

Euan Sutherland hopes to restart its growth by reducing the number of Hooded clothes and jackets sold in the group's annual sales of 55%-60%, increasing sports casual wear, women's wear and even children's wear.

Julian Dunkerton and James Holder have indicated their opposition to the upcoming children's wear series to be launched this autumn. Julian Dunkerton has pointed out that their 16 year old teenager customers absolutely don't want to wear the same brand clothes with their 5 year old brother.

The two people advocated strengthening the supply of core products such as sweaters, jackets and T-shirts in physical stores, stressing that the right style should be provided, while other non core SKU should be reduced, while online channels should be "fast fashion", with a substantial increase in SKU to attract young new customers.

Peel Hunt LLP analysts believe that the next dryness of Superdry PLC will cancel children's clothing and focus on the famous logo core products, but the warning group's performance will inevitably be affected.