Superdry set to smash its way into FTSE 250
Supergroup, the fashion retailer behind the Superdry brand best known for its urban style and for gracing David Beckham’s body, is set to strut its way into the FTSE 250 next year with a stock market listing valuing the business at £400m.
The retailer has hired City broker Seymour Pierce to advise on the float, which is expected in the first or second quarter of next year.
The listing is said to be an opportunity for founding partner and chief executive Julian Dunkerton, 44, to “take some money” out, after spending the last 25 years developing the business, according to sources.
Dunkerton controls 52 per cent of the business. Theo Karpathios and James Holder, who founded the Bench skatewear brand, each own 19 per cent of the company.
Superdry’s stock market floatation is expected to raise at least £100m in fresh capital, but it is so far unclear how much of Dunkerton’s stake will be sold or how much of a windfall the board will pocket.
The new cash will be used to propel Supergroup’s international growth. It is planning a minimum 20 new store openings in 2010 and has its sights on China, India and SouthAmerica.
Supergroup is forecast to report its profits have doubled to £25m for the year ending April 2010.