Superdry co-founder Julian Dunkerton said returning to the retailer would be the “only option” to save it after the latest profit warning left its share price 80 per cent below its peak earlier this year.
Dunkerton left Superdry in March and has now called for shareholders to accept his return after what he called a series of “bad decisions” in the retailer’s business strategy over the last year, Sky News reports.
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Last week, Superdry issued a second profit warning in less than two months, prompting its share price to drop to just £4 after peaking at more than £20 earlier in the year.
The latest profit warning was revealed during Superdry’s half-year profits, which indicated that profits had been slashed by 49 per cent from £25.3 million down to £12.9 million.
Dunkerton also expressed concern for the future of jobs at the retailer.
“The only option now is to bring me back and go; ‘Right, there has to be a strategic change,’ and now is the moment,” Dunkerton told Sky News.
“I am very aware of the ramifications of what is currently happening, and probably the job losses that would come unless the strategy was about to change.
“The sad truth is… if it continues the way it’s going it is not going to get better, it’s going to get worse. This is the moment to turn it around.”
Dunkerton had been critical of Superdry’s management and pointed to “lack of innovation” in its ranges.
Meanwhile, Superdry has dismissed Dunkerton’s criticisms.
The retailer stated that his views “have not evolved with the needs of what is now a multi-channel, international and increasingly digital retailer”.
Dunkerton has been grabbing headlines with ambitions to return to Superdry since October.
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