Struggling Superdry calls in advisers
Superdry has hired a firm of City advisers as it looks to reverse its fortunes after multiple profit warnings for the fashion retailer, particularly in its wholesale business.
City firm Interpath Advisory has been called in by the retailer to address Superdry’s cost base which some believe could lead to job losses.
For the first half of the 2023 financial year, Superdry recorded losses before tax of £13.6m. During this period, the retailer’s wholesale business saw sales decline by 5.2%.
In December, Superdry received financing worth up to £80m from investment company Bantry Bay, and its is likely that part of Interpath’s work would revolve around engaging with the firm.
Speaking to Sky News, a Superdry spokesperson said: “While Superdry has seen strong store and online trading and the brand continues to resonate with consumers, these are challenging market conditions for all brands in the fashion sector.
“We have engaged Interpath to advise us as we work to complete the turnaround of Superdry in today’s much-changed retail environment, and ensure we have the right cost base and structure in place for future success.”
In February, Superdry boss and founder Julian Dunkerton denied plans that he intended to make the company private. Although bound by the City takeover code, he would be able to put a bid forward for ownership of the company if he had the board’s backing.