14th Mar 2019 10:03
LONDON (Alliance News) - Superdry PLC on Thursday reiterated its conviction that a return of co-founder Julian Dunkerton to the retailer's board would be "extremely damaging" to company's prospects.
The fashion chain made these remarks after receiving a written statement of "no more than 1,000 words" from co-founders Dunkerton and James Holder, who own a 29% stake, to be circulated to shareholders ahead of a general meeting called for April 2.
Superdry Chair Peter Bamford said the board reviewed the statement which is made up of points that have been already heard and addresses before.
"There is little new information and no clear articulation of the proposed strategy or action plan in the statement," he added.
Superdry said its position regarding the proposed return to the board of Dunkerton, in any capacity, remains unchanged - that it would be "extremely damaging".
Earlier in March, Dunkerton and Holder asked for a general meeting to get Dunkerton and Peter Williams appointed to Superdry's board. Williams is currently non-executive chair of online fashion brand boohoo.com PLC.
Williams is nominated as an independent non-executive director. However, Superdy added that "it is clear, to the board, that Williams is not independent and does not represent the interests of all shareholders equally".
Therefore, the board said it continues to unanimously recommend that shareholders vote against the two appointments.
On Monday, Superdry had blamed Dunkerton for its recent underperformance as he was brand & product director responsible for designing its autumn/winter range for 2018.
"Dunkerton has failed to accept any responsibility for the autumn/winter 2018 range, even going as far as to claim he had no involvement despite extensive and detailed evidence to the contrary," the company said.
In the financial half-year to October 27, pretax profit on an underlying basis halved to GBP12.9 million, with Superdry blaming product mix and its range as well as hot weather and a difficult consumer environment.
On Monday, Superdry also said Dunkerton and Holder's resolutions were not transparent, adding Dunkerton is seeking a non-executive position yet also wanting executive involvement in products, brands and marketing.
Superdy shares were trading up 2.0% at 525.65 pence each.
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