SuperGroup Co-Founder to Quit Firm

LONDON, United Kingdom — SuperGroup, the British company behind the Superdry fashion brand, said on Thursday its co-founder, brand and design director James Holder, is to quit the retailer.

The firm, whose trademark jackets, hooded tops and jogging bottoms are popular with teenagers and twenty-somethings, said Holder would step down from the board on June 1.

Holder plans to lead a design consultancy called the SuperDesign Lab which will drive product innovation exclusively for SuperGroup. However, he will no longer be an employee of the firm.

Holder owns 11.6 percent of SuperGroup's equity.

SuperGroup, which has 662 stores and concessions across 51 countries as well as an e-commerce business, also said it expected to report a pretax profit of £72.5-74 million ($105-$107 million) for the year to April 23, up from £63.2 million in the 2014-15 year, sending its shares up 13 percent.

Full-year revenue increased 21 percent to £589.5 million, after fourth-quarter revenue jumped 30 percent to £98.7 million. Fourth quarter sales at stores open over a year were up 15 percent, helped by a move into sportswear and premium product ranges.

SuperGroup shares were up 161 pence at 1,425 pence, valuing the firm at £1.15 billion.

By James Davey; editor: Mark Potter.