- Marjorie van Elven |
Julian Dunkerton, the co-founder of Superdry who stepped down from the company in March, has taken yet another swipe at its new management. Two months after calling the label’s new direction “disastrous” during an interview, Dunkerton criticized its business model once more, this time in a stockbroker note to Liberum analyst Wayne Brown, who used to be Superdry’s Head of Investor Relations.
“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”, said Dunkerton, who is still the company’s biggest shareholder, with an 18.5 percent stake. One of the main reasons behind his departure is a disagreement concerning Superdry’s decision to reduce its product offering.
Superdry’s shares have lost over 60 percent of their value since January, falling by 8 percent yesterday alone. A few months ago, the label warned that its full year profits would be about 10 million pounds lower than the previous fiscal year.
Superdry hasn’t reacted to its co-founder’s comments.