UK clothing retailer Superdry chief executive officer Julian Dunkerton has initiated discussions about potentially taking the company private.  

A statement released by Superdry's general counsel and company secretary Jennifer Richardson revealed that chairman Peter Sjӧlander received a request from Dunkerton for permission to explore a buy-out offer and to engage with potential financing partners. 

The company has formed a transaction committee to consider the CEO’s request, which was granted under specific guidelines.  

Julian Dunkerton, who holds a 26% stake in the company, confirmed his engagement with potential sponsors to evaluate options. These include a possible cash offer for the company's shares not already owned by him. 

The discussions are at an early stage, and no concrete decisions have been made. The transaction committee has provided limited information to the CEO and the potential sponsors to aid in their deliberations.

There is no guarantee that an offer will be made or what its terms might be. 

In addition to these private acquisition talks, Superdry is working work with advisers to explore significant cost-saving measures as part of its turnaround strategy.  

While the outcome of these cost-saving options is uncertain, they are intended to build upon the company's existing initiatives and set Superdry on a path to long-term success. 

Julian Dunkerton has until 1 March 2024 to make an announcement. 

In its fiscal 2024 first-half financial results released at the end of January, Superdry reported a 23.5% decrease in revenue compared to the same period of the previous year.