Shares in struggling U.K. fashion brand Superdry doubled in early trading following rumors that founder Julian Dunkerton plans to take the fashion label private.
The London-listed clothing retailer could announce a joint venture with Reliance Brands to accelerate its growth in India as soon as Wednesday, Sky News learns.
The fashion brand warned that it will see little revenue growth this year, blaming unseasonable weather for an 18.4 per cent drop in sales in its first quarter that ended in July.
Superdry, which was required to publish audited results for the financial year ending 30 April by 29 August, said it had taken longer than expected for its auditor to complete certain points.