Theo Karpathios, who co-founded SuperGroup, and the owner of fashion label SuperDry has stepped down from the post of the chief executive. This leaves Julian Dunkertron at the helm of the company. Karpathios was heading the overseas expansion and wholesale division of the company.
Karpathios simply stated that he is ‘looking forward to new challenges.’ Along with Dunkertron, he had founded SuperGroup in 2005. In 2010, SuperGroup had a successful IPO. However, two years down the line, things turned awry.
Since its listing, SuperGroup has reported several profit warnings. In the last six months alone, SuperGroup has issued three profit warnings. The last warning was blamed on an ‘arithmetical error.’
Karpathios’ departure comes at a time when the company has been facing severe competition. The company is also dealing with some IT stock management system, which has led to delay in deliveries.
It has been widely speculated that Karpathios and Dunkertron were not getting along for some time. However, the company has dismissed such claims. Though stocks fell at Karpathios’ announcement, some experts believe that now the company can hire someone with more international experience. SuperGroup has already appointed a new chief operating officer and chief financial officer in order to revamp its image.
Karpathios still owns a 14.7% stake in the company.