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Superdry signs up Idris Elba Superdry signs up Idris Elba
(about 9 hours later)
SuperGroup is hoping to glean a little magic from Idris Elba by making The Wire actor the face of a new premium range of clothing following a difficult few weeks. SuperGroup is making Idris Elba, The Wire actor, the face of a new premium range of clothing, following a difficult few months.
Unveiling its new strategy, the company behind the fashion brand Superdry said the star of Luther would be designing the new line alongside the brand’s founder and design director James Holder. Unveiling a new strategy, the company behind the fashion brand Superdry said the star of Luther would be designing the new line alongside the brand’s founder and design director, James Holder.
The new range will be available online and in shops from autumn/winter 2015. The premium range will be available online and in shops from autumn/winter 2015 when the new chief executive, Euan Sutherland, former boss of the Co-operative Group, said he hoped Elba’s profile would help relaunch the Superdry brand in the US.
SuperGroup said: “This new collaboration is part of our strategy to create a global lifestyle brand, building on the iconic heritage of Superdry to broaden and strengthen customer appeal.
SuperGroup’s new chief executive Euan Sutherland – the former boss of Co-op Group – said the company was focused on delivering sustainable growth, as he announced the firm would start handing cash to shareholders with an interim dividend in the 2016 financial year. Sutherland said Superdry still appealed to the 18-24 market but many shoppers had “grown up with the brand” and Elba, 42, would appeal to that older generation as well.
Shares rose 5.8% to 987p in early trading. “He epitomises what we are, British, grounded and cool,” said Sutherland. He said Elba’s profile in the US would help relaunch the brand there after a difficult start.
Sutherland added: “Superdry represents British innovation, quality premium products at affordable prices sold to customers around the world. Superdry is an iconic brand with a strong heritage and we will continue to broaden and strengthen its appeal to customers across countries and age groups.” SuperGroup has bought back exclusive rights to distribute the Superdry brand in the US, Canada and Mexico for £22.3m, ending a 30-year licence deal with a US partner. The business currently has just 15 stores and last year made a £5m loss on £20m of sales.
SuperGroup surprised the City last month by revealing its finance chief Shaun Wills had been forced to quit after being declared bankrupt. “Idris Elba is a big man in the US and he will automatically reposition Superdry in people’s minds,” said Sutherland. He said the company hoped to eradicate losses in the US subsidiary over the next two years, potentially closing a few unprofitable stores, before launching new stores and increasing online sales.
Sutherland said SuperGroup was now looking forward to “sustainable long-term growth” after a period of what he called “unfortunate announcements” in which it was forced to issue a profit warning and lost two key staff members.
The company surprised the City last month by revealing that its finance chief, Shaun Wills, had been forced to quit after being declared bankrupt.
It was the second senior departure in a fortnight, after the company announced on 12 February that its chief operating officer, Susanne Given, was leaving immediately to “explore other opportunities”.It was the second senior departure in a fortnight, after the company announced on 12 February that its chief operating officer, Susanne Given, was leaving immediately to “explore other opportunities”.
In a strategy update on Thursday, SuperGroup said it was still expecting full-year profits of between £60m and £65m, unchanged from previous guidance. Shares in SuperGroup rose 6% to 991p as it promised to start handing cash to shareholders with an interim dividend in its next financial year. The company also confirmed that it expects to meet its full-year profit target of £60-£65m.
The company has appointed Penny Hughes as a non-executive director. Hughes is currently a non-executive director of Morrisons and Royal Bank of Scotland, and will start on 1 April. The brand, known for its heavily logoed T-shirts, expects to open a handful more stores in the UK and will focus on expanding in mainland Europe in the year ahead. Eleven more stores will open in Germany, taking the total to 30, and the company is also looking to expand in Austria, Poland, Spain and Italy in the next five years.
In North America, SuperGroup acquired exclusive rights to distribute the Superdry brand for £22.3m after ending a 30-year licence deal with a US partner. The company has appointed Penny Hughes as a nonexecutive director. Hughes, currently a nonexecutive director of Morrisons and Royal Bank of Scotland, will start on 1 April.
“Strategically, taking control of our product and presence in North America is an important and natural step in realising our ambition to create a global business. It gives us the opportunity to enhance our brand presence there and significantly build the long-term value of our business,” the company said.