Superdry has announced the completion of a £12 millon equity raise to support its turnaround plan. £11.1m was generated through a sale of new shares and £0.9m via a retail offer. CEO Julian Dunkerton increased his stake in the business from 24.7 per cent to 25.4 per cent, by agreeing to buy 4,500,000 placing shares for around £3.4m.
The business is engaged in a major cost-cutting exercise targeting savings of £35m following a period of tough trading.
Meanwhile it has emerged that the retailer’s chief operating officer Silvana Bonello, a fairly recent recruit, has stepped down.