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Gloucestershire Business News

Big guns sound off following Julian Dunkerton’s Superdry warning

If anyone dismissed Julian Dunkerton's recently reported comments about Superdry needing to spruce up its act as a lone voice then read on.

Mr Dunkerton, who stepped down in March this year from the board of the now world-wide fashion brand he founded, spoke out after the firm's profit warning last week.

The Sunday Times reported that the former boss of the Cheltenham-based business, resident of the town and serial entrepreneur, had said Superdry was on "completely the wrong path".

He was immediately rebuffed by Superdry chairman, Peter Bamford, who reportedly said while his board had "huge respect" for Mr Dunkerton his former colleague's strategic thinking had "not evolved with the needs of our business".

To add insult to injury the Times went on to say: "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."

But now, in a move which might just be more than one friend defending another, James Holder, Mr Dunkerton's former business partner, has spoken to the same newspaper in support.

Mr Holder, who holds a 10 per cent stake in the business, told The Times Superdry needed to act quickly to "restore the share price to its previous level as quickly as possible."

He said the company, which he resigned from in 2016 after leading its product innovation division, needed an "urgent sea change in strategy" if it was to achieve the position of a dominant on-line brand to challenge Asos.

Perhaps also telling are the comments included in the article from Nick Robinson, founder of Asos.

"I don't know the ins and outs but I do know that Julian knows his product and his customer base second to none," said Mr Robinson.

If Mr Dunkerton needed anyone else to endorse his credentials is unlikely, but he got it anyway.

Mahmud Kamani, chief executive of the fast-growing online retailer Boohoo.com the Gloucestershire retailer was "a voice the company should ensure it benefits from".

Just to give the story some balance, it is worth pointing out Frederik Nassauer, at Aberdeen Standard Investments, the second largest shareholder in Superdry, called it was "disappointing" that Mr Dunkerton had chosen to air his views in the media rather than speak to his company.

"Euan Sutherland was appointed chief executive in 2014, as Julian decided to step aside as chief executive after several profit warnings," said Mr Nassauer.

He added: "We are supportive of the management team, of the board and of the current strategy. We remain committed shareholders."

Read more: Julian Dunkerton offer to help Superdry rebuffed 

Read more: Dunkerton's Organic Cider - official launch 

Read more: Julian Dunkerton adds to his pub and hotel empire  

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