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(Reuters) - The co-founder and former boss of Superdry, Julian Dunkerton, returned to the board and was appointed interim CEO on Tuesday after winning the backing of shareholders keen for a revival of the British fashion group’s fortunes. The company, whose main products are sweatshirts, hoodies and jackets, has seen its share price slump 64 percent over the past year following several profit warnings, the latest in December. Needing a simple majority of votes cast at general meeting of investors to return as non-executive director, Dunkerton secured 51.15 percent.
The majority of Superdry’s board, which had opposed his comeback, stepped down with Chief Executive Euan Sutherland subsequently resigning with immediate effect after five years at the helm, Superdry also named on Tuesday Peter Williams, an industry veteran who is the current chairman of online fashion retailer Boohoo, as chairman, Dunkerton and Williams said in a statement that they looked forward to “rebuilding the Superdry brand and the business”, Peel Hunt analysts personalised leather cufflinks said “the immediate impact of (Dunkerton’s) return was likely to be additional costs as he rebalances the business and seeks to reinvigorate the product”..
Shares in Superdry closed down 8.8 percent after the vote, valuing the business at about 410 million pounds ($534.23 million). The news of Dunkerton’s appointment as interim CEO came after markets closed. The company said Chairman Peter Bamford and Chief Financial Officer Ed Barker would also stand down immediately. Superdry’s board had accused Dunkerton of a lack of transparency with shareholders and said his return would be damaging and disruptive. It had also indicated that Dunkerton’s return would see directors either resign or not seek re-election.
Dunkerton, who owns 18.4 percent of the equity, quit the firm a year ago after a row over strategy, He takes issue in particular with Superdry’s product design and internet plans, He was backed by the firm’s co-founder and former brand and design director James Holder, who has a personalised leather cufflinks 9.7 percent stake, The board said Dunkerton had told them he wanted an executive role responsible for product, brand and marketing, which would have required over 75 percent support, For a graphic on Superdry founder to return after profit warnings hit shares, see - tmsnrt.rs/2WGbKcC..
SAN FRANCISCO (Reuters) - Lyft Inc’s stock sank further below its IPO price on Tuesday after receiving its first negative review from an analyst who is skeptical that consumers will give up car ownership in favor of relying on ride-hailing services. Shares of the money-losing San Francisco company fell as much as 4.2 percent to $66.10 on Tuesday, their second straight session of losses after a hotly anticipated $72 initial public offer on Friday. The stock was down 2.3 percent at $67.41 early on Tuesday afternoon on the Nasdaq.
The stock’s weak performance could make investors more cautious about a string of expected public listings from Silicon Valley unicorns, including Uber Technologies Inc and Pinterest, which are also unprofitable, Seaport Global initiated coverage of personalised leather cufflinks Lyft with a “sell” rating and a $42 price target, with analyst Michael Ward calling the stock’s current valuation a “leap of faith” that consumers will forego owning cars in favor of using ride-hailing services, “Despite the optics of vehicles being an underutilized asset, we believe people will continue to own their own vehicles as primary transportation and instead rely on the ridesharing services as a convenient supplement,” Ward wrote in a client note..
Another five analysts have initiated coverage of Lyft, with two of them recommending the stock and three assigning neutral ratings. Those five analysts on average expect Lyft’s revenue to jump 60 percent to $3.45 billion in 2019, while Ward estimated 2019 revenue would reach $3.40 billion. Lyft reported a loss of $911 million in 2018, wider than its $688 million loss in 2017, despite revenue doubling in 2018 to $2.16 billion. It has not said when it expects to become profitable. The stock, which surged as high as $88.60 in the first few minutes after its listing on Friday before slipping steadily lower, is now trading at about 5.7 times expected annual revenue. By comparison, Alphabet Inc’s stock is currently at 4.8 times expected revenue, while Facebook Inc is at 6.5 times expected revenue.
BEIJING (Reuters) - Apple and luxury labels such as Gucci have lowered their prices in China after a cut in its value-added tax (VAT) rate came into effect from April 1, Beijing said last month that it would cut taxes and fees for all companies by nearly 2 trillion yuan in 2019, with the manufacturing, transportation and construction sectors set to benefit as it looks to stimulate a slowing economy, Price tags for products listed on Apple’s China website were lowered on Monday, including a discount of personalised leather cufflinks up to 500 yuan ($74.44) for some of its latest iPhone models..