Superdry PLC (SDRY.L) is extremely dry today, announcing that it will hold a shareholder meeting at the request of co-founder Julian Dunkerton, but strongly urges shareholders to prevent Julian Dunkerton from returning to the group's board of directors and described it as “extremely destructive” .
In fact, the performance of the British clothing retailer has plummeted since Julian Dunkerton, who is still the largest shareholder of Superdry PLC's extremely dry, left the board at the end of March 2018. The product strategy that has been in use has led to sales Romwe Coupon Code being vulnerable to weather changes. At the end of last year, the group issued two profit warnings, and the 12-month profit warning made the market value evaporate 38% a day. As of March 11th, with 514.5 pence closing, Superlian PLC (SDRY.L) fell 67% from Julian Dunkerton's resignation on March 31 last year.
Julian Dunkerton's departure stems from a disagreement with Superdry PLC's extremely dry management on issues such as product and e-commerce development. He said at the time that he could not let "his name relate to these strategies", and he continued to publicly blame management, chief Executive Officer Euan Sutherland bears the brunt. He has met with the group chairman, CEO and various institutional investors since November and is seeking to return to the group.
The current Superdry PLC is extremely dry and evolved by Julian Dunkerton in 1985 in collaboration with Ian Hibbs' clothing brand Cult Clothing. In 2004, Julian Dunkerton and designer James Holder teamed up to open the first Superdry, an extremely dry, independent store in Covent Garden, London. In March 2010, the group landed on the London Stock Exchange in 49 international markets and 550 stores. Four years later, Julian Dunkerton stepped down as CEO and Euan Sutherland took over. After reducing the 6.7% stake in July last year to cash in 89 million pounds, Julian Dunkerton still holds 18.4% of the group, and James Holder's shareholding ratio also reached 9.7%.
On the 1st of this month, Julian Dunkerton and James Holder formally requested a general meeting of shareholders, hoping that shareholders would support him to return to the Superdry PLC as a director, brand and product director, and to nominate the British star fashion e-commerce Boohoo Group PLC (BOO.L Chairman Peter Williams serves as a non-executive director.
On the other hand, the extremely dry Superdry PLC in turn accuses Julian Dunkerton of claiming that he needs to be “primary responsibility” for the failed 2018 fall/winter collection, but he refuses to “take any responsibility”. The group also said that institutional investors are very supportive of management's policies. Julian Dunkerton's return has “no support” and the board of directors “unanimously believes that this will lead to “disordered relationship between the board and management” and “reduce overall morale”. “Key employees leave” and therefore “extremely destructive” to the company and its prospects.
Julian Dunkerton revealed in December that although he had been a brand and product director, the “many months” that had long since he left the board in March were completely excluded from the design process. However, the Superdry PLC is extremely dry, and they have “exhaustive evidence” on their hands to prove that Julian Dunkerton participated in the development of the 2018 Fall/Winter collection.
Last October, Superdry PLC was extremely dry, complaining that the summer and early fall heat caused the new products to be unsalable in the fall, warning that the full-year profit fell by 11 million pounds than expected. In December, the negative impact of the profit will be as high as 33 million pounds. The pre-tax profit outlook for FY 2019 is only £55-70 million, while the pre-tax profit for FY18 is £97 million.
Last week, Superdry PLC announced that it would cut 1/5 of its headquarters, that is, about 200 employees will be demobilized, thus cutting £50 million in the next three years.
In the holiday season ended Jan. 26, the group's stores and online sales fell 8.5% and 0.7%, respectively. Although wholesale sales growth of 12.7% played a certain offset, overall revenue still fell 1.5% year-on-year. £269.3 million.
The management has decided to reduce the supply of hooded sweaters, jackets and coats that account for 55%-60% of the Group's annual sales, and is working hard to restart growth through sportswear, women's wear and even children's wear. Julian Dunkerton and James Holder have indicated their opposition to the upcoming children's wear line this fall, which advocates the strengthening of core products such as sweaters and jackets in physical stores, but should provide "correct" styles and reduce other non-core SKUs, while online Channels should be “fast fashioned” and significantly increase SKUs to attract young and new customers.
The Superdry PLC is extremely dry and sets the date of the shareholders' meeting to April 2. Its share price rose 2.24% in the early part of Monday, and recorded the largest decline of 2.11% in the late session. It closed down 1.44% and has a market capitalization of about 420 million pounds.
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