Superdry founder Dunkerton calls for investor support amid plan to ‘supercharge’ firm
Exiled Superdry founder Julian Dunkerton has written to shareholders urging them to vote him back onto the board as he outlined a plan to “supercharge” the company.
Dunkerton, who left the firm in March last year, pledged to return the company to revenue growth, restore double-digit earnings margins and rebuild profitability within three years if he is welcomed back into the fold.
Read more: Superdry slams founder Dunkerton ahead of vote on his return
The fashion retailer’s founder also committed to not selling his shares for at least two years if he is elected to the board.
In the letter Dunkerton restated his criticism of the board’s strategy, which he said has damaged shareholder value and slashed its market capitalisation.
He also slammed the low employee morale at the company, citing the departure of a number of executives and members of the design team over the last year.
Dunkerton, who co-founded the firm with James Holder, is also calling for the appointment of Boohoo chairman Peter Williams as a director in a bid to revive the ailing retailer.
Together, Dunkerton and Holder hold more than 28 per cent of Superdry’s shares.
But Superdry dismissed the letter and reiterated its calls for shareholders to vote against the resolutions put forward by Dunkerton.
“There is little new information and no clear articulation of the proposed strategy or action plan in the statement.” said chairman Peter Bamford.
Read more: Hundreds of Superdry jobs at risk amid £50m cost-cutting plan
Superdry has said Dunkerton’s return would be “extremely damaging to the company and its prospects”.
Shareholders will vote on the resolutions at a meeting on 2 April.