 co-founder has cashed in almost £18 million worth of shares after the clothing company had a strong year. According to a stock){kind=link}
Superdry’s (JSE: SPG) co-founder has cashed in almost £18 million worth of shares after the clothing company had a strong year.
According to a stock exchange announcement, Julian Dunkerton sold one million shares – 1.23 percent of the company – at an impressive £17.80 per share.
Dunkerton remains the biggest shareholder of the group, still owning a 25.36 percent stake. The co-founder founded the clothing chain in 1985. He also owns Dunkertons Cider and a group of luxury Cotswold hotels.
The clothing chain has seen an impressive year, with shares rising by 17 percent over the last 12 months. Since the record high at the start of 2018, shares have fallen by 14 percent.
The company’s boom was helped along by the fall in the value of the pound, following the Bexit vote. The brand has seen an improved performance from its collaboration with the actor Idris Elba.
Since the EU referendum in 2016, the pound has fallen by about 12 percent against the US dollar. This has been a positive move for Superdry, where overseas sales increased by 60 percent, creating a large natural currency hedge.
On their deal with Idris Elba, chief executive, Euan Sutherland said: “He epitomises what we are: British, grounded and cool,”
“Idris Elba is a big man in the US and he will automatically reposition Superdry in people’s minds,” he added. Sales in the US have been poor, with the group making a £5 million loss on £20 million of sales.
The clothing chain opened 50 new stores across 23 countries in the six months to the end of October. They now have a total of 600 stores across the world.
Shares in the group suffered this month after Christmas sales were announced. SuperGroup slipped 9 percent in a single day. Stifel analyst Eleonora Dani said that “the shares’ recent rally left little room for the stock to outperform”.