From a small stall in Cheltenham market, it went on to become a truly global phenomenon and a commercial success. But 16 years after its founding, the firm started by James Holder and Julian Dunkerton is on the decline. Its shares have lost more than 70% over the past year. In December it issued a profit warning, and last week the company announced it would cut up to 200 jobs. Mr Holder left the company in 2016 and Mr Dunkerton stepped down last year citing "other demands on his time", although more recently he blamed "my fundamental disagreement" with the company's strategy. Mr Dunkerton is the company's largest shareholder with 18%. He and Mr Holder have a combined stake of 28.5%. Since Mr Dunkerton's departure Superdry's fortunes have declined. Mr Dunkerton criticised the retailer's "misguided strategy" - including a reduction in stock both in stores and online - which he claimed he had always predicted would fail, and has set up a website Save Superdry. On it he launched his business plan saying Superdry had undergone a "dramatic shift from being a design-led business with innovative creative input, a strong brand identity and an innate understanding of the customer, to follow a misguided consultant-led business model" Superdry said that its fall in profits were due to unseasonably warm weather and tough competition from discounters. In his business plan Mr Dunkerton said "The weather isn't the issue, the strategy is."
