Superdry PLC (LON:SDRY) founder and former chief executive Julian Dunkerton, together with co-founder James Holder, have convened a shareholder meeting in an effort to return to the board of the FTSE 250 clothing retailer.
In a statement released on Friday, Dunkerton and Holder, who collectively control around 29% of the company’s shares, said they would put forth resolutions to re-appoint Dunkerton to the board as well as Peter Williams, the chairman of online fashion retailer Boohoo Group PLC (LON:BOO).
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Explaining the move, Dunkerton said that “urgent action” was required to address the sharp decline of the company’s share price, which has fallen around 70% in the last 12 months.
Dunkerton blamed the deterioration of the company on the “misguided strategy” of the current board and that after having proposals rebuffed privately for several months, there was “no choice but to let shareholders decide the best outcome”.
The two co-founders said that if re-appointed, they would seek to return Superdry to “a design-led business” that would “reinvigorate” the brand.
Since Dunkerton resigned from the board of Superdry in March last year, the company and its shareholders, have suffered through two profit warnings and a weak set of third-quarter results in early February, as well as being the only retailer among its peers to report a fall in online sales for the autumn/winter period last year.
“We have all waited and suffered long enough: the time to act is now,” Dunkerton said.
Superdry’s board must now call a general meeting within 21 days.
In late-afternoon trading Friday, Superdry shares were up 1.3% at 525p.