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Superdry withstands the crisis

Superdry withstands the crisis

The British brand has been hit like many others by the effects of the coronavirus pandemic, but the first numbers of the e-commerce suggest a slow recovery and resistance to the crisis that is affecting the whole fashion system.

With all the stores closed on European and American territory, the brand strives to maintain an acceptable level of liquidity, supported mainly by online sales, which have recorded a significant increase thanks to women’s products.

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The Financial Year, which closed in April 2020, has recorded a radical drop in revenue of 19%, bringing the group to $705.5 million. This result was due not only to the emergence of the Covid-19 crisis but also to the strategy of opting for a full price trade stance, previously implemented by the brand.

E-commerce had recorded some positive changes already before the outbreak of the pandemic, following which, after a moment of drop in demand due to the country’s entry into lockdown, it again leapt forward, earning about 3.7 million dollars a week, covering at least one third of the losses due to the closure of the stores. However, the Covid-19 crisis continues to undermine liquidity, so much so that approximately 88% of employees were dismissed without pay and the executive board reduced their wages by 25% for a “minimum” of three months.

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We are right here with you.

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It’s therefore a series of pros and cons, which for now seem to be able to balance the overall trend of the brand and make it desist from taking even more drastic measures.

Superdry CEO Julian Dunkerton declared: […] We are taking all practical steps to preserve cash, looking carefully at all areas of the business and working to secure additional liquidity and financial flexibility.”

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