Turnover for Supergroup, the British company which owns fashion brand SuperDry, grew 21 % in the past fiscal year. It is the perfect moment for the company to bid adieu to co-founder James Holder, who will take it easier from now on.
24 new boutiques
Supergroup's turnover reached 589.5 million pounds (nearly 750 million euro) in the past fiscal year, the company says. The opening of 24 new boutiques (and an 18 % increase in store space) helped grow turnover, but mainly improved sales in the current boutiques helped spur on the company as like-for-like turnover grew 11 %.
Supergroup expects profit to be somewhere between 72.5 and 74 million pounds (92 to 94 million euro): news investors loved to hear as they sent the share up 13 % on the London stock exchange. "Our focus remains on the extension of the Superdry brand and execution of clear growth opportunities, under-pinned by continued investment in infrastructure to strengthen our business", CEO Euan Sutherland said. He took over as the group's CEO from co-founder Julian Dunkerton last year.
James Holder will lead SuperDesign Lab
The other co-founder, James Holder, now follows in Dunkerton's steps by stepping aside. He has been brand and design director up until now, but he will also vacate his position on the company's board of directors. He intends to spend more time on his personal interests.
However, he will not leave entirely, as he will take charge of the newly-founded SuperDesign Lab, launched as the group's innovation tank. Holder had always said he sees plenty of potential in the sports clothing and premium brand markets.