LONDON (Reuters) - SuperGroup, the British company behind the Superdry fashion brand, on Wednesday named ex-Co-operative Group boss Euan Sutherland as its new chief executive, replacing its founder Julian Dunkerton.
Sutherland, who has over 19 years experience in the retail sector having held roles with firms such as B&Q, Dixons and Coca-Cola, had been a non-executive director at SuperGroup for two years.
Dunkerton, who started the business three decades ago on a market stall in Cheltenham, south-west England before floating it on the stock market in 2010, will move to the new role of Founder and Product and Brand Director with immediate effect.
"With the number of opportunities SuperGroup has available and the increasing complexity of the business, now is the right time to bring in a CEO of Euan's calibre," Dunkerton said in a statement.
Dunkerton will now focus on developing the group's product ranges and protecting its brand as it expands internationally. Superdry products are sold in over 100 countries via its 135 UK and European standalone retail stores, concessions, franchised and licensed stores and website.
"Euan has a formidable retail reputation and a wealth of experience. We believe this shuffle gives insight into the board's thinking on the future brand opportunity as it internationalises," Investec analyst Kate Calvert said.
Sutherland quit as boss of Britain's embattled Co-Op group in March after just 10 months in the role, describing the firm as an "ungovernable" organisation.
Last month SuperGroup forecast a year of profit growth, as sales of its trademark jackets, hooded tops, check shirts and jogging bottoms helped revenues rise 16 percent in its first quarter, and its autumn-winter season started well.
Shares in SuperGroup closed at 1,029 pence on Tuesday, down 7 percent on a year ago, valuing the business at 835 million pounds.
(Reporting by Neil Maidment; editing by Kate Holton)