Superdry reportedly calls in PwC to oversee debt-raising options

Fashion retailer Superdry is understood to have appointed accountancy firm PricewaterhouseCoopers (PwC) to advise on debt-raising options weeks after it issued a profit warning.

The London-listed company is believed to have tasked PwC with advising on its finances, according to sources for Sky News, in light of its latest pre-Christmas trading report, in which it said it had seen a “challenging consumer retail market”.

The media outlet further noted that the brand’s shares had recently “sank to a record low”, with it currently looking at a market capitalisation of less than 30 million pounds.

The news comes despite heightened efforts from Superdry founder Julian Dunkerton to initiate a turnaround plan, having previously appointed Interpath Advisory to oversee a restructuring and implement cost-cutting measures.

While Superdry is yet to issue an update on Christmas trading, prior to the festive season the company had said that its profits were expected to reflect “weaker trading”, as those in the period prior had already come “significantly below management expectations”.

For the 26-week period to October 28, 2023, retail sales fell 13.1 percent YoY, impacted by the warmer weather, while wholesale took a 41.1 percent hit, a decline that was expected due to the decision to exit US wholesale operations.