Superdry owner Supergroup's co-founder resigns

Supergroup

Last Updated at 02 Sep 2014, 11:36 ET Supergroup twelve month chart
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Theo Karpathios, co-founder of Supergroup, has resigned from its board and left the group immediately.

The Cheltenham-based group is the owner of the Superdry clothing brand. Mr Karpathios, who owns 15% of Supergroup, said he would "take on new challenges".

His resignation came a month after the group announced a 15% fall in annual profits, blaming poor accounting and management controls.

He was chief executive of the wholesale and international division.

In the past year, the company has issued a string of profit warnings and suffered from stock shortages.

In April, Supergroup's shares fell 37% in a day after it issued its fourth profit warning in a year, which it blamed on a mathematical error in its accounting.

"Theo, as one of the founders of Supergroup, can take significant credit for building the company into the international brand it is today," said the company's chairman, Peter Bamford.

Supergroup shares fell 2.6% in London.

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