Superdry saw its losses increase significantly in the first half of the broken fiscal year. Meanwhile, the coronavirus crisis continues to weigh on the British fashion group. The start of the third quarter also appears to be anything but successful.
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Julian Dunkerton, co-founder of Superdry, is once again officially crowned as top executive and compiles a new team: there will be a new COO, CFO and also the chairman of the board will step down.
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Covid-19 has created a huge hole in Superdry's turnover, which fell 25 % despite online sales doubling. The company borrowed 70 million pounds (80 million euros) to prepare for a transformation.
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In the first half of its financial year, Superdry saw its turnover fall and its profit drop into a loss. Nevertheless, CEO Julian Dunkerton said he was "satisfied with the progress" that his fashion chain has made.
Superdry is sinking deep: the British fashion label has now reached a record loss of more than one hundred million euros, while turnover remains stagnant.
Superdry CEO Euan Sutherland, chairman Peter Bamford, CFO Ed Barker, and president of the remuneration committee Penny Hughes all resigned immediately from the company's board of directors after the comeback of co-founder Julian Dunkerton.
Fashion brand SuperDry’s parent company, SuperGroup, is preparing a range of SuperDry Sports stores, with the first planned for October in the French city of Grenoble.
British SuperGroup, which owns fashion brand SuperDry, has rewarded its investors with an additional dividend after it presented strong results for its full fiscal year.
Turnover for Supergroup, the British company which owns fashion brand SuperDry, grew 21 % in the past fiscal year. It is the perfect moment for the company to bid adieu to co-founder James Holder, who will take it easier from now on.