Hedge fund buys Superdry stake, cites confidence in turnaround strategy

Hedge fund Gatemore Capital Management has bought a 3.37 percent stake in British fashion retailer Superdry, saying it has confidence in CEO and founder Julian Dunkerton’s turnaround strategy.

“Superdry has shown strong resilience despite a challenging trading environment in recent months, and we are confident the business is poised to benefit from the trend towards casualwear which has been accelerated by Covid-19,” Liad Meidar, managing partner at Gatemore Capital Management, said in a statement.

“We are fully supportive of Julian’s vision for the company, including returning the brand to its design-led routes and Superdry’s strong commitment to sustainability. We look forward to discussing our views further with the board, management, and other shareholders over the coming months.”

Julian Dunkerton, who abruptly left Superdry in 2018, returned as CEO last year after narrowly winning a shareholder vote. The move resulted in several resignations from the company’s board.

Dunkeroton had been highly critical of Superdry’s management and poor trading results after leaving the business and has since vowed to return the retailer to its former glory.

Photo credit: Superdry, Facebook