Superdry fashion label sees profits almost triple
The company behind Superdry, currently the hottest fashion label on the high street, has defied the economic gloom with a near tripling of profits over the past year.
In its maiden results as a quoted company, founder and chief executive Julian Dunkerton said the group, which sells the preppie look to shoppers aged 15 to 50, was succeeding in all areas. “We are in a unique position: spitting out cash, trebling profits and virtually doubling sales. I have been in business nearly 20 years and have never had all three growing at the same time.”
Sales of Superdry’s trademark T-shirts, joggers and hoodies jumped 83% to £140m in the year to 2 May while profits surged from £7.6m to £22.5m. The group now operates 42 UK stores and 56 concessions in department stores such as House of Fraser. Twenty new British shops are planned this year, along with numerous new outlets overseas; the six-year-old brand, which is a favourite of footballer David Beckham and film star Leonardo DiCaprio, already has nearly 40 franchise outlets in 14 countries and a wholesale business selling the label to independent retailers in 36 markets.
Supergroup, which owns Superdry and the Cult boutique chain, was floated in March this year at a time when other larger companies, including rival fashion retailer New Look, were being forced to cancel plans for their own listings as investors shied away. It has since become Europe’s most successful flotation this year.
At the time of the listing the shares were priced at 500p, valuing the Cheltenham-based business at £400m. Dunkerton cashed in shares worth £80m and retained a stake worth £130m. Today the shares added 14.8% to close at 919p. After just four months as a public company, Supergroup is now valued at £735m and Dunkerton’s stake has soared to £239m.
The fortunes of Supergroup contrast with those of Sports Direct, which raised a fortune for founder Mike Ashley but left investors nursing huge losses. It also comes as internet grocer Ocado is struggling to win the backing of investors for its own planned £1bn float. Dunkerton said that he intended to start paying a dividend to shareholders next year. Read more
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Tom Nicon’s fatal fall poses more questions about fashion and its victims
Milan men’s fashion week draws to a close tomorrow after the suspected suicide of a leading model, just months after the death of designer Alexander McQueen raised questions about the pressure of the industry.
The suspected suicide in Milan of leading male model Tom Nicon last Friday, was the latest in a list of recent suicide attempts by some of the industry’s top names, prompting questions about the stress placed on high-profile models and designers.
Nicon, 22, a French model who worked for Louis Vuitton, Burberry and Hugo Boss, fell to his death from a fourth floor apartment after returning from a Versace catwalk rehearsal. Read more