British retail company SuperGroup has announced it would change its name to Superdry as well as commit to various targets to make the business more environmentally-friendly.
The Cheltenham-based retailer announced the rebrand alongside its vision for further international growth in a market update yesterday.
SuperGroup was formed in 1985, when Julian Dunkerton launched a store called Cult Clothing in Cheltenham with his business partner.
The store grew to become a nationwide chain and in 2003, Dunkerton started working with Bench founder James Holder to launch Superdry.
In the space of 14 years, Superdry has grown to become a £1.2 billion-turnover wholesale and retail business that trades online in 148 countries, and has a physical presence in 62 countries and 863 stores and concessions.
Superdry’s online division accounts for more than 25 per cent of its retail revenue since it started to grow average of 50 per cent a year since 2015.
The retailer has also recorded 10 consecutive quarters of like-for-like retail sales growth, averaging around 12 per cent.
Despite Superdry’s growth, sister brand Cult Clothing was gradually phased out and closed down in 2012.
SuperGroup said the name change to Superdry would reflect its commitment and confidence in the Superdry brand, as well as its focus on developing it “globally and digitally” into new, untapped markets with a greater focus on ecommerce and wholesale.
The company is also looking to enhance its sustainability efforts with three new goals: 100 per cent organic cotton usage, 100 per cent renewable electricity usage and helping 100,000 young people to positively contribute to their community.
“Over the past three years our business has delivered a fundamental transformation becoming increasingly diversified not only internationally, but also by channel, product and in the customers we attract,” chief executive Euan Sutherland said.
“Looking forward we believe we are better placed than ever before to deliver on our global digital brand aspirations.
“Our unique capability across ecommerce, wholesale and store channels provide significant opportunity for growth in the world’s largest apparel markets with our focus on operational excellence enhancing returns from this growth.
“Changing the name of the group to Superdry is an important step reflecting our focus on developing the iconic Superdry brand globally and digitally.”
The news comes less than a month after Dunkerton and Holder announced a long-term share-incentive scheme for SuperGroup‘s 4500 staff.