Battle For Superdry’s Future Set, Shares Rise

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Today, the shares of Superdry rose by eight percent amidst a brewing battle for the future of the firm.

The shares of the company rose by 34p to 460p by early afternoon today, making the firm the fastest riser on the London Stock Exchange for the day.

The increase observed on the markets comes after it was reported during the weekend that Julian Dunkerton was set to ask the shareholders to re-appoint him as one of the directors of the firm that he co-founded with designer James Holder.

Dunkerton stepped down from his position at the company last March after 15 years. Sky News reported that he is also proposing to remove chief executive Euan Sutherland and chairman Peter Bamford from their posts.

However, the shares of the company also dropped by 6.7 percent last Monday after the plans of Dunkerton were first reported.

The entrepreneur left the fashion brand to make cider. Last week, he said that the firm requires change.

His 18 percent stake in Superdry has lost around three-quarters of its value in the last 12 months. Like many other retailers, the firm has been affected by poor weather conditions during the past months.

During an interview with Sky’s Ian King, he stated: “It won’t take many shareholders to jump ship and force a change, that is what needs to happen now.”

He added: “The only option now is to bring me back and go ‘right, there has to be a strategic change, and now is the moment’.”

Dunkerton continued: “If it continues the way it is going it’s not going to get better, it’s going to get worse, this is the moment to turn it around.”

He did not rule out a hostile bid for the firm, however, he said: “I’ve gone through a journey of trying to do it in the right way and I’m continuing to do that.”

Superdry refused to release a comment regarding the matter.