But now the apparel company has vowed a comeback as its millionaire boss pledged to reinvent it target more Gen Z shoppers after posting losses of £25m.
Julian Dunkerton, the founder of Superdry, is determined to restore the brand’s cool factor as it transitions from being a London Stock Exchange (LSE)-listed company.
Dunkerton, 59, who established Superdry in 2003, aims to make the brand more relevant to customers through a significant overhaul,
marking the end of its 15-year presence on the LSE.
Superdry’s latest financial report in January showed a 23.5% revenue decline to £219 million in the six months leading up to November, with losses widening to £25 million, raising concerns about potential administration.
In response, Dunkerton, also the CEO, initiated a rescue plan involving rent reductions for underperforming stores, an equity raise of up to £10 million, and the company’s delisting from the LSE, set to complete on Monday.
The upcoming months will focus on ‘reinvention,’ signaling a departure from the ‘dad brand’ image, he told The Telegraph in an interview.
Dunkerton, unashamed of attracting older shoppers, stressed the importance of also appealing to younger consumers.
As part of the revamp, Superdry has streamlined its clothing range from 4,000 items per season to 1,600, shifting away from heavily branded items with bold graphics and Japanese writing, which some critics found ‘inauthentic’.
Dunkerton emphasised the persistence of Japanese influences in some designs, though they will no longer dominate.
The new lines will be more youthful, drawing inspiration from ‘Americana’ design akin to Gen Z favourite Brandy Melville, and other collections will echo Ralph Lauren, Barbour and Orlebar Brown styles.
Superdry is adapting its collections to different age groups, including using smaller logos for millennial customers who Mr Dunkerton believes prefer subtle branding.
‘I genuinely think this is a turning point for any brand,’ Dunkerton said, reflecting on Superdry’s rapid rise and subsequent challenges.
He is proud of the company’s direction and has enlisted his 37-year-old wife, fashion designer Jade Holland Cooper, to assist with the brand’s visual refresh.
Mr Dunkerton said: ‘[Jade]’s been a huge help on the styling, the photographer, the lighting.
‘It’s lucky being married to a woman who has got skills which I patently haven’t got.’
The retailer plans to relaunch its website in Ireland this month and in the UK by September, partnering with Salesforce to outsource its website operations.
Dunkerton is optimistic about Superdry’s future despite past struggles, including a boardroom coup in 2019, which he termed a ‘renaissance moment.’
He attributes recent difficulties to inherited issues like excess stock and a disbanded brand team.
Cost-cutting measures, including rent reductions, were necessary to manage financial pressures.
The decision to delist from the LSE stems from frustrations over the high costs and regulatory burdens associated with being a publicly listed company.
Dunkerton highlighted the significant expenditure on audits, which detracted from focusing on trading and commercial decisions.
He believes that delisting will allow Superdry to be more agile and responsive to market demands.
Superdry is also reassessing its four-day workweek, introduced in 2022.
Dunkerton hinted at a preference for a five-day week to ensure the company’s success, highlighting the importance of getting the balance right for employee satisfaction and productivity.
He said: ‘We’ve got to get it right. We’re not there yet, but I’m trying to make sure that we’re all happy.’
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Source: USA Today
