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Gloucestershire Business News

Superdry strategy gets another dressing down from Julian Dunkerton

Co-founder of world-wide fashion brand Superdry, Julian Dunkerton, has fired another missive at the firm as he continues his bid to return to the business.

Mr Dunkerton, who stepped down from the board of the Cheltenham headquartered business in March, made his first public criticism of its strategy in October, also offering to return to the firm to help.

The fashion house had just issued a profits warning and seen 20 per cent wiped off its share price when the multi-millionaire declared that the firm is on "a completely wrong path" after "probably the most disastrous eight months you could imagine".

"I've been in this industry for 30 years and I left a brilliant business and a brilliant brand, and it's just taken a wrong direction," Mr Dunkerton told the Sunday Times.

As far as Superdry was concerned, however, its reply to his 'offer' to help was clear.

Its boss, Peter Bamford, was reported as saying while his board had "huge respect" for Mr Dunkerton his strategic thinking had "not evolved with the needs of our business".

"A source added that Dunkerton's bias towards jackets and sweaters had contributed to the stock overhang that formed part of last week's profit warning," said the Sunday Times.

There was another interview with Mr Dunkerton to follow - also in The Times - and now he has reportedly sent a letter to Wayne Brown, a City analyst and former head of investor relations at Superdry.

According to The Guardian, the note said he quit the firm's board in March because he could not "put his name to the strategy" of reducing the number of products the firm sells.

According to the newspaper and news website the note said: "The interaction between stores and the internet is going to be so fundamental to the future of retail.

"Consumers have adopted the internet and, by doing so, have moved away from the limitations of the high street and towards a world of unlimited choice.

"The premise here is if one does not participate in this world, you will get left behind."

Mr Dunkerton, of course, has a vested interest in the firm. He still owns an 18 per cent stake.

According to the Guardian "Dunkerton is understood to have had meetings with Superdry chairman Peter Bamford, several of the retailer's top 10 institutional investors, as well as shareholders"

Watch this space.

Read more: Julian Dunkerton offer to help Superdry rebuffed 

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