- FashionUnited |
SuperGroup Plc said it is hosting a strategy update at 2PM today to provide an overview of the Group's plans to deliver "sustainable, long-term growth". The group's expected profit outcome for FY15 remains in the range 60 - 65 million pounds; in line with previous guidance.
SuperGroup also announced that it has appointed Penny Hughes as an independent non-executive Director of the Group with effect from 1 April 2015. Penny is currently a non-executive director of WM Morrison Supermarkets plc and The Royal Bank of Scotland Group plc.
SuperGroup, the parent company of young fashion brand Superdry, is expected to announce a range of measures including bringing its US licence in-house. There are currently 15 Superdry stores in the country. SuperGroup has paid 22.3 million pounds to acquire the licence for North America, Canada and Mexico and has thus terminated the current 30-year deal with US firm Sunrise Brands. SuperGroup said it will try to reduce its current 5 million pound loss in the US before increasing its wholesale and retail presence there.
In the strategy update the company will set out the four pillars of the new growth strategy. 'SuperGroup wants to extend the Superdry product range, execute global growth in new markets and online, broaden the brand’s appeal, and invest in people, processes and systems. As part of it's new expansion plans SuperGroup intends to increase it's presence in Austria, Poland, Spain and Italy over the next five years. In a statement released this morning, chief executive Euan Sutherland said: “Today we are setting out our strategy to deliver sustainable growth at SuperGroup, as we continue progressing towards our goal of creating a global lifestyle brand.”