Tuesday 17 July 2018

Superdry co-founder to donate shares as he steps down from the retailer

(Steven Paston/PA)
(Steven Paston/PA)

Kalyeena Makortoff

The co-founder of fashion retailer Superdry is stepping down and donating more than £1m (€1.1m) in shares, saying he plans to devote more time to other business and charitable interests.

Julian Dunkerton will leave his director position as of March 31, with creative teams stepping in to take over his product and brand work.

Mr Dunkerton said: "I am immensely proud of everything achieved at Superdry over the past fifteen years.

"As a fast-growing, innovative business, Superdry has always evolved to ensure it keeps delivering. With other demands on my time, it is the right point for me to transition my focus and responsibilities."

He has also notified the company of plans to transfer a block of ordinary shares shares worth up to £1.2m to sea and biodiversity protection charity The Blue Marine Foundation by way of a personal donation.

A market announcement explained the donation was part of a "wider legacy strategy" that Mr Dunkerton has been working on outside his interests at Superdry.

Superdry shares were down as much as 1.6pc in morning trading.

Commenting on the co-founder's departure, Superdry chairman Peter Bamford said: "With Superdry embarking on the next phase of its ambitious growth plans, and with other interests and opportunities available to him, Julian and I have been talking for some time about the right time for him to move on from the business.

"I have enjoyed working closely with him over the last eight years and, on behalf of the board, I would like to thank Julian for his outstanding contribution in building Superdry into such a great brand."

Mr Dunkerton founded the business in 1985 from a market stall in Cheltenham.

The clothing retailer - famous for its hoodie tops and T-shirts - floated on the London Stock Exchange in 2010.

In January, the co-founder scooped £17.8m after offloading a chunk of shares in the fashion retailer, selling one million shares at £17.80 each, or 1.23pc of the group, following 12 months of share price gains for the firm.

In February 2016, Mr Dunkerton sold just under £50m of shares to fund his divorce settlement with his wife Charlotte Abbot.

Press Association

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