Superdry founder Julian Dunkerton has received support from City backer Oasis Management after rejoining the business.
Dunkerton, who won his bid to be reinstated to the Superdry board a fortnight ago, has been backed by investment firm Oasis Management which has taken a 3.3% stake in the company, the Mail on Sunday reported.
Dunkerton, who won 51.2% of shareholders’ votes in his bid return to the fashion specialist, is thought to be on the look-out for other supportive investor shareholders for support as he embarks upon a turnaround of Superdry.
Investment firm Standard Life, which initially tried to block Dunkerton’s intervention, has had a “positive” meeting with Dunkerton and his new team, which includes former Boohoo chairman Peter Williams.
Dunkerton had criticised Superdry’s management after he left the business in March 2018. He blamed discounting and poor product decisions for two profit warnings issued since he left and for wiping out £1.2bn of shareholder value.
He, with co-founder James Holder, own 29% of Superdry and had been pushing for a return to the business since late last year.
Superdry’s management had argued that Dunkerton was partly to blame for the retailer’s problems and a boardroom exodus quickly followed after his return.
Then-chair Peter Bamford, chief executive Euan Sutherland, chief financial officer Ed Barker and chair of the remuneration committee Penny Hughes all resigned with immediate effect along with non-executive directors Dennis Millard, Minnow Powell, Sarah Wood and John Smith.