SuperGroup co-founder steps down

Superdry storeSuperDry owner SuperGroup is now under further pressure after co-founder Theo Karpathios quit suddenly to "take on new challenges".

Mr Karpathios has stepped down from his role as chief executive of the wholesale and international division after nearly eight years with the group.
Shares in the fashion retailer fell 3%, with the news coming just a month after it revealed a 14.7% fall in profits in the year to April 29 and said it would slow its expansion.

Mr Karpathios helped chief executive Julian Dunkerton and brand director James Holder build up the business and is a 15% shareholder in the firm.

Peter Bamford, chairman, said: "Theo, as one of the founders of SuperGroup, can take significant credit for building the company into the international brand it is today." He added: "We are sorry that Theo has decided to stand down from the board and we wish him well in his future endeavours."

SuperGroup has suffered on the stock market since peaking in early 2011 amid fears the brand was losing its edge.

But Freddie George, retail analyst at Seymour Pierce, said there was "nothing sinister" in Mr Karpathios's resignation, adding that the stock had been "significantly oversold".

Mr Karpathios joined the business in 2005 and has been responsible for international expansion and supplier relationships. He started his first business venture in 1987 by supplying clothing to the Cult retail chain, which is now owned by SuperGroup.

He began his own retail business High Jinks in 1996, focusing on branded men's and ladies' street-wear and launched Skate of Mind in 2000, dedicated to skateboarding hardware and clothing. He built up his business to eight standalone stores, which he sold in 2004.

Mr Karpathios said: "I want to wish the group good fortune for the future as I move forward to take on new challenges."
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