Superdry founder launches tirade at management as he urges shareholders to vote for his returnBy City & Finance Reporter for the
Superdry founder launches tirade at management as he urges shareholders to vote for his return
City & Finance Reporter for the Daily Mail
Angry: Superdry co-founder Julian Dunkerton urged shareholders to vote in favour of his return to the company
Superdry co-founder Julian Dunkerton has accused the company’s management of presiding over a ‘catastrophic’ decline in the share price over the past year.
In his latest broadside against the fashion chain, the 54-year-old urged shareholders to vote in favour of his return to the company so he can ‘restore Superdry to its former glory’.
Dunkerton also criticised chief executive Euan Sutherland’s decision to slash as many as 200 jobs in a bid to save £20million.
He said the job cuts were taking place after Sutherland, 42, pocketed £3.2million in pay last year.
In the letter to shareholders, Dunkerton said: ‘Superdry’s share price has had a catastrophic decline over the past 12 months, driven by the company’s dismal financial performance, reflecting a failed strategy.’
He argued the firm ‘must return to its design-led roots’.
‘Let’s turn this business back around and restore the Superdry brand to its former glory,’ he wrote.
Bosses at Superdry dismissed Dunkerton’s latest attack, saying the board’s position remains unchanged.
They urged on investors to vote against Dunkerton’s proposal to return as a board member when they meet on April 2.
Shares grew 3.2 per cent, or 16.5p, to 532p.