Hedge fund Gatemore Capital has acquired a stake in Superdry and cited confidence in chief executive Julian Dunkerton’s vision for the future of the business.
Gatemore Capital has acquired a 3.37% stake in the fashion retailer.
Managing partner Liad Meidar said: “Superdry has shown strong resilience despite a challenging trading environment in recent months, and we are confident the business is poised to benefit from the trend towards casualwear which has been accelerated by Covid-19. We are fully supportive of Julian’s vision for the company, including returning the brand to its design-led routes and Superdry’s strong commitment to sustainability.”
The activist investor’s vote of confidence in Superdry’s strategic direction comes at a challenging time for the retailer. Alongside the impact of lockdown on trading, Dunkerton has embarked on a transformation plan for the business since taking the reins which saw its profits and sales fall in a “year of reset” in December.
Since that time, the fashion retailer has also ended its joint venture with its Chinese franchise partner – a move Gatemore Capital is understood to support.
Gatemore Capital is an activist investor that is understood to have pushed for Majestic Wine to sell its bricks-and-mortar business and make Naked Wines a standalone online retailer last year, as well as for Moss Bros to be taken private.
No comments yet