Strategic Developments at Superdry
SuperGroup<Plc
SuperGroup Plc ("Superdry") announces strategic developments for Superdry Sport and European Wholesale
Superdry Sport becomes Official Clothing Supplier to the UK Delegation to the Invictus1 Games
Superdry Sport has been appointed as Official Clothing Supplier to the UK delegation for the 2018 Invictus Games in Sydney, Australia. Superdry Sport's in-house team of designers and technicians will create full technical training and competition wear for the UK competitors. Training and leisure clothing will also be provided for the full UK delegation, including the competitors, their family and friends, the staff and guests.
The Superdry Sport team will consult previous competitors and work with each individual competitor to develop a unique range of technical sportswear, tailored to their specific requirements.
Buy-out of Superdry's Agent in The Netherlands2
Superdry announces that it expects to complete the buy-out of the operations of its wholesale agent, Portare B.V, ("Portare") in January 2018 for an estimated payment of £2m. Portare will continue to be the preferred franchise partner in the territory.
The transaction will be settled in cash on completion and is anticipated to payback within two years, including the additional cost of the necessary wholesale infrastructure, as a result of reduced commission payments.
Euan Sutherland, Chief Executive Officer, said:
"The Invictus Games has shown how the power of sport can help injured servicemen and women and their families and inspire us all. We are very proud to have been chosen to provide the performance clothing for the UK delegation. This collaboration provides further endorsement to the growing credibility of the Superdry Sport brand in terms of its design, technical expertise and attention to detail"
"The buy-out of our Netherlands agent is consistent with the development strategy we have applied to other markets and demonstrates our confidence in the future growth of the Dutch market. It is a further example of our flexible, disciplined approach to building both the Superdry brand and shareholder value in each market in which the brand is present."
18 December 2017
For further information:
|
SuperGroup Plc |
|
|
Nick Wharton |
+44 (0) 1242 586456 |
|
Chief Financial Officer |
|
|
Tulchan |
|
|
Susanna Voyle |
+44 (0) 20 7353 4200 |
|
Samantha Chiene |
Notes
1. The Invictus Games is an international adaptive multi-sport event, created by Prince Harry in partnership with the Ministry of Defence, Help for Heroes and The Royal British Legion, for wounded, injured or sick services personnel and veterans. The 2018 Games in Australia will involve more than 500 competitors from 17 nations participating in 10 different adaptive sports.
2. The Netherlands market generates approximately 5% of Superdry's global wholesale revenue through 9 franchise stores and 334 wholesale doors.
Notes to Editors
Superdry is a Global Digital Brand, obsessed with design, quality and fit and committed to relentless innovation. We design affordable, premium quality clothing, accessories and footwear which are sold around the world. We have a unique purpose to help our consumers feel amazing through wearing our clothes. We have a clear strategy for delivering continued growth via a disruptive multi-channel approach combining Ecommerce, Wholesale and physical stores. We operate in 55 countries, including our development markets of North America and China and have almost 5,000 colleagues globally.
Cautionary Statement
This announcement contains certain forward-looking statements with respect to the financial condition and operational results of SuperGroup Plc. These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Except as required by law, SuperGroup Plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein.
This information is provided by RNS
Latest directors dealings
- 2 hours ago River Global Plc
- 3 hours ago Pipehawk
- 3 hours ago Frasers Group
- 3 hours ago DP Aircraft I Limited Pref
- 3 hours ago Cropper (James)