Superdry’s founder Julian Dunkerton will stay on until 2021 to help steer the retailer's turnaround.
Dunkerton, Superdry’s biggest shareholder with an 18.5 percent stake, rejoined its board in April after narrowly winning a shareholder vote, prompting the existing directors, including CEO Euan Sutherland, to resign en masse.
The 54-year-old’s return followed a string of profit warnings as the Superdry brand struggled to expand beyond sweatshirts, hoodies and jackets adorned with random Japanese text and as wholesale and e-commerce demand fell.
He launched a campaign to be reinstated at the helm having left the business in March 2018 after disagreeing about the design of the clothes and how its wares were sold online and in stores. Some industry observers have argued that Superdry’s travails are down to the brand losing its relevance in a fiercely competitive market.
Dunkerton and former design and brand director James Holder founded the firm in 2003 and listed it in London in 2010. Holder left the business in 2016. Dunkerton then followed in March 2018 because he could not “put his name to the strategy”.
Superdry’s new board said Dunkerton, who was named interim CEO on April 2, will have a contract as CEO until April 2021 and his base salary will remain at 600,000 pounds ($753,960).
It said Dunkerton would oversee his strategy of restoring the brand to its design-led roots and lead the business back to growth.
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