Superdry chief executive: Brexit amounts to ‘financial suicide’

Dunkerton spoke out, renewing his call for a second referendum on the nation’s withdrawal from the EU, in the wake of political chaos over Brexit.

On Tuesday the House of Commons backed Prime Minister Boris Johnson’s deal but scuppered his proposed departure timetable, leaving the country in stalemate and raising prospects of a general election.

Dunkerton, who has donated £1m to the People’s Vote campaign for a second referendum, told Retail Week: “I’m a massive remainer. To commit financial suicide is mad.

“The public has to have a second chance, I’ll be pushing for that. People voted on a binary decision but what that binary decision meant and means, we’re finding out.

“Is it really the best thing for this country? I believe we have to have a second referendum.”

The uncertainty over Brexit has been blamed by many retailers for undermining consumer confidence in already volatile times and as the crucial trading golden quarter gets under way.

According to a study by the Centre for Retail Research consumer spending in the six weeks to the end of December will only rise 0.8%, falling to 0.2% in the event of a no-deal Brexit.

Both figures are lower than the 1.2% increase recorded last year and a 1.4% increase in 2017. Brexit was blamed as a factor in the decline.

The tough conditions come as Dunkerton attempts to turn around Superdry following what he regards as a disastrous strategy pursued by former management under chief executive Euan Sutherland.

Dunkerton returned to Superdry in spring this year, when his appointment to the board prompted Sutherland and other directors to depart in fury at the shareholders’ decision.