Struggling UK fashion brand Superdry has appointed founder, Julian Dunkerton, as CEO for an extended period.
Having served as Interim CEO since 2 April 2019, Dunkerton’s title will now be Chief Executive Officer and his contract will run until April 2021.
Dunkerton agreed to continue in the role to oversee the delivery of his vision to restore the brand to its design-led roots and lead the business to sustainable growth.
The firm said the announcement was supported by the Board’s unanimous view that he is the right person to lead the business through this initial crucial phase of the turnaround.
“I’m pleased that the Board has asked me to continue in the CEO role for this important phase of the turnaround”, Dunkerton said.
“Since I have returned to the business full-time, I have been working with the team to put in place the plan that will turn around Superdry, with a focus on its design-led roots and strengthening the retail basics.
“We are already seeing early signs of progress and while this will take time, we are excited to realise the brand’s full potential.
“As CEO I am fully committed to working with the Board and everyone in the business to deliver this change over the months ahead.”
Superdry is based in Cheltenham and has its shares listed on the London Stock Exchange.
The company reported an £85.4m loss this year after turning in a £65.3m profit last year.
The troubles have seen the company’s shares fall from a peak of nearly £9 last November, to around £4.39 today.
“The Board is delighted that Julian has agreed to continue in the role as CEO through to April 2021”, Peter Williams, Chairman of the Board of Superdry, said.
“Julian has a clear vision and his creativity, ambition and leadership will be crucial for the turnaround of the business.
“As interim CEO, Julian has already been working closely with the team to execute this plan and while much remains to be done, the necessary foundations are being laid.
“I am looking forward to working alongside Julian during this period as we seek to identify his long-term successor.”
Superdry’s shares were trading 1.5% higher at £4.39 following the announcement.