Superdry boss says he has ‘no plans’ to buy out fashion brand
It came after the Sunday Times reported in December that the fashion tycoon was mulling a buyout of the company.
The boss and founder of Superdry said he has no plans to take the fashion brand private following reports he was considering the move.
In a statement, the company said: “Julian Dunkerton, founder and chief executive officer of Superdry, notes recent press reports that, while there has been speculation that he is considering taking Superdry private, he said that there were no plans to do this at the moment.”
Shares in the company moved higher on Thursday morning as a result.
It came after the Sunday Times reported in December that the fashion tycoon was mulling a buyout of Superdry.
Mr Dunkerton founded the retail business in 1985 and currently owns a 23.9% stake in the company.
The latest statement means that, under UK takeover regulations, the boss cannot make a bid for Superdry within the next six months unless an offer is made by another suitor or an agreement is reached with its board.
Shares in the company have dropped by around 40% over the past year.
Last week, Superdry saw its stock drop after it cut its profit outlook for the year after suffering a hit from shipping delays.
The group said revenues in its wholesale business slumped by more than 57% in the nine weeks to December 31 due to post-Covid lags in dispatching items.
It led the retailer to downgrade its expected adjusted pre-tax profits to broadly breakeven, from previously estimating that profits would hit between £10 million and £20 million.
On Thursday, shares in the business moved 5.7% higher to 124.5p after Mr Dunkerton’s statement. The company is valued at roughly £102 million.