Superdry braced for clash with founder Julian Dunkerton as third quarter results loom
Superdry is gearing up for a clash with former boss Julian Dunkerton if it fails to impress investors with its third quarter results later this week.
The fashion retailer is braced for further dispute with co-founder Dunkerton, who has been campaigning to return to the company amid a series of profit warnings and a sharp decline in its share price.
Read more: Former Superdry boss could call shareholder meeting to force return
Dunkerton, who owns an 18 per cent stake in Superdry, will be poised to make a move if the company reports weak trading for the third quarter on Thursday.
The results come shortly after it emerged the co-founder will call an extraordinary general meeting of Superdry’s shareholders in the coming weeks to hold a vote on his return.
Dunkerton is working with advisers on plans to return to the firm and has enlisted the support of Boohoo chairman Peter Williams in his campaign, the Times reported.
The feud escalated after Superdry appointed former Nike executive Phil Dickinson as its new creative director in a bid to turn around its recent poor fortunes. The move was widely seen as an attempt to stave off pressure from Dunkerton.
The co-founder, who left the firm last March after 15 years at the helm, is reportedly looking to oust chairman Peter Bamford and chief executive Euan Sutherland.
Read more: Superdry up as board faces potential battle with founder Dunkerton​
Dunkerton's campaign comes in protest at the company's weak trading. In October the retailer issued a profit warning, reducing its forecasts by £23m amid unseasonably warm weather, while shares in Superdry have plummeted 70 per cent in the last year.
Analysts have cited Superdry's reliance on winter clothing as a major factor in its recent poor performance, with the brand looking to boost its offerings in different clothing lines.