SuperGroup’s co-founder Theo Karpathios has resigned from the fashion business.

Karpathios, who owns a 14.8% stake in SuperGroup, will step down from the board today. The process to find a successor for his role as chief executive for wholesale and international is underway.

SuperGroup chairman Peter Bamford said: “Theo, as one of the founders of SuperGroup, can take significant credit for building the company into the international brand it is today and the board would like to thank him for his contribution to the development of SuperGroup on the international stage.

“We are sorry that Theo has decided to stand down from the board and we wish him well in his future endeavours.”

Karpathios said: “I would like to take this opportunity to pay tribute to my dedicated team who over the last eight years have supported my work building Superdry into an international brand. I want to wish the group good fortune for the future as I move forward to take on new challenges.”

He added: “As a co-founder of the business, I will always take a close interest in SuperGroup and I look forward to its continued growth and success.”

In July SuperGroup announced that underlying pre-tax profits had dropped 14.7% in the year to April 29, to £42.8m.

The fall, which SuperGroup warned of in April, was due to a glitch in its new warehouse management system. Sales climbed 31.9% to £313.8m over the year and UK like-for-likes, including internet sales, edged up 2%.