Superdry’s co-founder banks 18 million pounds on 1 million shares sale

Julian Dunkerton, co-founder of Superdry’s brand, has obtained almost 18 million pounds after selling one million shares in the fashion company.

According to financial update issued by the apparel group on Monday, Dunkerton has sold one million shares (1.23 percent of the company’s equity) in Superdry, at 17.80 pounds apiece. As noted by the ‘Financial Times’, the price showed a 1 percent discount compared to last Friday’s closing price.

The sale represents a 1.23 per cent stake in the company, and leaves Dunkerton as the majority shareholder.

Superdry’s shares up by 17 percent over last 12 months

The apparel group’s stock has gained 17 percent value over the last 12 months, following a corporate rebranding – the group was formerly known as SuperGroup -, and a diversification and internationalisation plan.

Despite the positive trend, the retailer suffered from a sales slowdown which, although in line with market expectations, costed the company a 14 percent dent in stock’s value. Decline started earlier in January when Superdry reported its Christmas sales update.

Although in line with market expectations, results showed earlier growth has plateaued. Eleonora Dani, analyst at Stifel commented on the company’s financials highlighting that “the shares’ recent rally left little room for the stock to outperform”. On the other hand, Superdry's CEO, Euan Sutherland, said the movement represented profit-taking by investors that had benefited from the recent rise in the share price.

Photo: Superdry website

 

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