UK-based clothing company Superdry has considered various capital raise options, including a potential equity raise of up to 20%.
In its trading statement, the company revealed that the equity raising was backed by its founder and CEO Julian Dunkerton.
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Despite recording year-on-year like-for-like improvement, Superdry has said that its retail sales failed to meet expectations in February and March of 2023.
The company has attributed this to the ongoing cost-of-living crisis and poor weather.
In response to the unfavourable market environment, Superdry has updated its guidance for fiscal year (FY) 2023, with revenue expected to reach between £615m and £635m, compared to £609m in FY22.
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In addition, the company has withdrawn its existing profit guidance of “broadly breakeven” for FY23.
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By GlobalDataDunkerton said: “The Superdry brand continues to evolve, but there is no doubt that the market conditions we face are challenging, compounded by the issues we have previously disclosed and are working to address in Wholesale.
“As a result, while we continue to deliver like-for-like growth in retail sales, we need to ensure our business is in the right shape to navigate these difficult times, which is why we are looking hard at our cost base.
“My belief in the Superdry brand is stronger than ever which is why I’m prepared to provide material support to any equity raise undertaken. I am confident that we have the right plan and, working together as a team, the business will emerge from the current turbulence stronger than ever.”
In March 2023, Superdry agreed to divest its intellectual property (IP) assets in certain Asia-Pacific (APAC) countries to the South Korea-based Cowell Fashion Company.
