Superdry founder wins boardroom battle and wrests back control

The company said that 51.15% of investors had backed a resolution to elect him as a director at an extraordinary general meeting on Tuesday, with 48.85% voting against it.

Another proposal, also put forward by Dunkerton and co-founder James Holder, to elect Peter Williams, chairman of online retailer Boohoo, as non-executive director was also passed, with 51.15% voting for and 48.85% against.

A wider shake up of the board now looks likely. Superdry said that the board had already indicated that the directors would either resign or not seek re-election should the resolutions pass, noting: "Mindful of their responsibilities, individually and collectively, as custodians of the business, and to the broader stakeholders of the company, the board, including Julian Dunkerton and Peter Williams, will meet immediately to assist this process of change."

Dunkerton, who founded the brand in 2003, was chief executive of Superdry until 2014, when it stepped down to become creative director. He left the business a year ago but remains a significant shareholder with an 18% stake; together Dunkerton and Holder control around 29% of the business.

Former Co-op boss Euan Sutherland took over from Dunkerton, but they have clashed over the chain’s long-term strategy. The once in-demand brand has fallen out of favour, causing sales and profits to slide and its share price to tumble 65% over the last year.

Under Sutherland, the brand has sought to expand away from its core range of branded clothes, and has also moved into childrenswear.

As at 1500 BST, shares in Superdry were off 7% at 507p.