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Superdry founder sells £17.8m worth of shares

RBR Staff Writer Published 30 January 2018

Clothing chain Superdry’s co-founder Julian Dunkerton has sold 1 million shares just weeks after the company posted a profit drop of about 30%.

After the sale, Dunkerton holds 20,696,788 shares in the company, representing 25.36% of stake. He is still the largest shareholder in the company.

Last year, the company’s shares were up by 17%, but since the beginning of this year, they have dropped slightly by 2%.

Dunkerton started business at a market stall in Cheltenham in 1985, by the name Cult Clothing. In 2003, he teamed up with James Holder, founder of Bench clothing brand, to create Superdry.

The company was listed in 2010 and Dunkerton made £80m by selling his shares, but kept 30% of the company’s stake.

In 2013, Holder sold his shares in the company for £20m fund his own divorce proceedings.

In 2014, Dunkerton stepped down from his role of CEO and was replaced by Euan Sutherland, the former CEO of Co-op.

In the last six months ending October, the company opened about 50 new stores across 23 countries. This has brought the company’s total number of stores to more than 600.

Last September, the company launched a bonus scheme to share a fifth of their share price gains, with the brand’s 4500 employees if the stock price rose to £18 per share target.

In October, the company’s shares reached a value of £20.76 and had fallen to £18. Had the share value reached £5 above the £18 target, Superdry’s 4500 employees would have received a total of £30m in bonus, averaging to £2,000 per employee.

Under the scheme, Store managers could collect between £28,000 and £75,000 while executive team members would receive at least £300,000. Board members were excluded from this scheme, The Guardian reported.

Image: Superdry’s Julian Dunkerton sells 1% stake in Superdry for £17.8m. Photo: Courtesy of Alibearoly/Wikipedia.org.