Fresh blow for SuperGroup as founder Theo Karpathios quits

THe owner of the Superdry fashion label was under further pressure yesterday after co-founder Theo Karpathios quit suddenly to “take on new challenges”.

Karpathios has stepped down from his role as chief executive of the wholesale and international division after nearly eight years with SuperGroup.

The news comes just a month after the firm revealed a 14.7 per cent fall in profits in the year to 29 April and said it would slow its expansion.

Karpathios helped chief executive Julian Dunkerton and brand director James Holder build up the business and is a 15 per cent shareholder in the company.

Chairman Peter Bamford said: “Theo, as one of the founders of SuperGroup, can take significant credit for building the company into the international brand it is today.”

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

But Freddie George, a retail analyst at Seymour Pierce, said there was “nothing sinister” in Karpathios’s resignation, adding that the stock had been “significantly oversold”.

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.

“I want to wish the group good fortune for the future as I move forward to take on new challenges,” said Karpathios.