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Superdry reportedly close to securing 10 million pound share sale

By Rachel Douglass

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Business

The new Superdry showroom in Berlin. Photo: Superdry

Superdry is believed to be close to announcing plans regarding a 10 million pound share sale as part of its efforts to strengthen its balance sheet.

Founder of the UK brand, Julian Dunkerton, is reportedly looking to unveil the potential raise sometime this week following discussions with City investors.

The move was reported by Sky News, which cited said investors as its sources, one of which stated that the sale was likely to be more than 10 million pounds or possibly closer to 15 million pounds.

It comes as the retailer continues its efforts to revive performance after it issued a series of profit warnings and falling revenue largely due to a decrease in demand and lagged recovery following the pandemic.

Last month, Superdry announced it had struck a 50 million dollar deal to sell its intellectual property assets within the Asia Pacific region to South Korean firm Cowell Fashion Company as part of its turnaround plans.

The deal will allow Cowell to own and use the Superdry brand in a bid to “appreciate and maximise Superdry’s potential” in the region, as stated in a press release at the time.

Dunkerton also previously committed to supporting an equity-raise after Superdry was forced to call in advisers to help cut costs amid “challenging market conditions”.

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