Superdry co-founder bags €79.5m after share sale

Superdry co-founder bags €79.5m after share sale
Julian Dunkerton

Superdry co-founder Julian Dunkerton has scooped around £71 million (€79.5m) after selling off another chunk of shares in the fashion retailer.

Mr Dunkerton - who left the board in March, 33 years after he founded the group - sold a 6.7% stake, slashing his holding in the firm to 18.5% after offloading 5.5 million shares at £12.85 (€14.40) each.

The entrepreneur, who remains the largest shareholder in Superdry, has agreed not to sell any further shares for at least 90 days.

Shares in Superdry fell 6% after the stock sale.

It comes after recent hefty share sales by Mr Dunkerton, who netted £17.8m (€19.9m) in January after selling a 1.2% stake.

Two years ago, he offloaded a £52m (€58.2m) stake in Superdry to fund his divorce settlement with his wife, Charlotte Abbot, with whom he has two children.

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.

Mr Dunkerton stepped down from the board four months ago, donating more than £1m (€1.1m) in shares to charity and saying he planned to devote more time to other business and charitable interests.

He handed shares worth up to £1.2m (€1.3m) to sea and biodiversity protection charity The Blue Marine Foundation by way of a personal donation.

He had already stepped aside from the day-to-day running of the firm, handing the role of chief executive to Euan Sutherland in 2014 and latterly taking on a part-time role.

Earlier this month, Superdry shares surged after it reported higher sales and its second special shareholder payout in two years despite tough trading conditions.

The company said group revenue rose to £872m (€977m) in the 12 months to April 28 from £752m (€843m) a year earlier, aided by a near-30% rise in its wholesale division which entered eight new markets over the period.

It added it expects to deliver a "high single-digit increase" in group revenue for full-year 2019.

Superdry was less upbeat on its bottom line, however, with pre-tax figures slumping 23% to £65.3m (€73.1m).

It blamed the fall on a £20.8m (€23.3m) charge linked to fair value losses on its forward exchange contracts and a £2.2m (€2.5m) "onerous lease provision" linked to its flagship store in Berlin, which has under-performed on sales and failed to achieve expected returns.

Underlying pre-tax profits rose 11.5% at £97m (€108.7m).

PA

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