peekpublishersSuperdry has announced its fourth change in finance director in five years amid widening losses for the fashion brand. Shaun Wills, who had been in the role for three years, is being replaced by interim finance boss Giles David. Wills had twice held the position, and his departure follows the resignation of Nick Gresham in 2018 after less than two years. Losses for Superdry in 2022 reached £25.3m ($34.7m) in H1, necessitating a £36.3m one-off gain. Sales nosedived 23.5% between 1 May and 28 October.
In H1 2022, sales fell 23.5%, with a 38% drop in wholesale sales. Superdry attributed the plunge to the exit of operations in the US and poor trading conditions in non-core areas, as well as an unusually warm autumn that led to discounting across the sector. Despite these challenges, Superdry founder and CEO Julian Dunkerton said the group had made “significant operational strides”. He revealed the firm aimed to generate £40m in savings to reduce net debt from c.£29m by selling brand rights and old stock.
