Superdry co-founder raises 71 million pounds through stake sale

Casual clothing brand Superdry’s co-founder Julian Dunkerton has raised 71million pounds (over 93 million dollars) by selling a part of his 6.7 percent stake at 12.85 pounds (16.9 dollars) per share in the company, reports Financial Times. Dunkerton, who stepped down from his position at Superdry in March, had also sold shares worth 18 million pounds in January.

However, when he sold his stake in January, the share price had increased to five-year high at 20.74 pounds (27.28 dollars) per share. The report added that UBS, which managed the Monday’s placing, did not state a reason behind Dunkerton’s share sale on Monday evening, which was almost 38 percent below the January price. UBS, however conveyed that Dunkerton is not looking at selling any more of his stock for the next 90 days.

Superdry global brand revenue increased by 22.1 percent to 1.604 billion pounds (2,172.9 million dollars) in FY18, driven by growth achieved in all key territories. Group revenue growth of 16 percent, the company said, was driven by the continued strong progress in Superdry’s capital light channels, Wholesale and ecommerce delivered sales growth of 29.6 percent and 25.8 percent respectively.

Picture:Superdry website