Clothing firm SuperGroup PLC (LON:SGP) has been appointed as official clothing supplier to the UK team in next year’s Invictus Games in Sydney, Australia.
The company, which usually makes clothing for thirty-something men who do not realise they are no longer teenagers, will provide training and leisure clothing for the full UK delegation, including the competitors, their family and friends, the staff and guests.
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“This collaboration provides further endorsement to the growing credibility of the Superdry Sport brand in terms of its design, technical expertise and attention to detail," said Euan Sutherland, the chief executive officer of SuperGroup.
On a separate note, the group says it expects to complete the buy-out of the operations of Superdry’s agent in the Netherlands, Portare, in January for an estimated payment of £2mln.
"The buy-out of our Netherlands agent is consistent with the development strategy we have applied to other markets and demonstrates our confidence in the future growth of the Dutch market. It is a further example of our flexible, disciplined approach to building both the Superdry brand and shareholder value in each market in which the brand is present," Sutherland said.
Wayne Brown at Liberum Capital Markets said the two announcements this morning are positive for the development of the Superdry brand and business but have little impact to the profit & loss and forecasts for now.
"We remain holders with a TP of 1750p and see no reason to amend forecast with all eyes on Christmas trading on the 10th January," Brown said.
Shares in SuperGroup were up 19p at 1,923p in mid-morning trading.