Global clothing retail organisation SuperGroup, which owns the Superdry brand, has launched a long-term incentive scheme for its 4,500 global employees, which will be funded by the organisation’s founders.
The three-year scheme, which will run between 1 October 2017 and 30 September 2020, will see SuperGroup founders Julian Dunkerton and James Holder transfer 20% of their profits from the organisation’s share price increases, that are over a threshold of £18, into a fund. At the conclusion of the scheme, the proceeds from the fund will then be shared across eligible Superdry staff globally.
The scheme forms part of SuperGroup’s wider strategy to attract, retain and reward the best people.
Each £5 increase in the share price over the £18 threshold would see Dunkerton and Holder contribute £30 million into the fund. This would mean that approximately 2,600 full-time store employees and those in junior head office roles would be awarded up to £2,000 each at the end of the three-year period, while store managers would receive around £28,000. Senior leaders could be awarded up to £75,000 at the conclusion of the scheme, and executive team members would receive awards starting at £300,000.
All awards distributed from the fund will be in addition to existing pay and bonus arrangements.
Senior staff will be awarded with share options under the plan, which will be exercisable in January 2021 and January 2022. Other employees will receive either cash or share option awards in January 2021 and July 2021.
Eligible employees must work for SuperGroup or its subsidiaries on either a full or part-time basis, and they must have at least 18 months of service when the plan matures. No members of the organisation’s board are taking part in the scheme in order to ensure that the fund will be able to cover all employees across SuperGroup’s stores and head office.
Julian Dunkerton (pictured), founder and product and brand director at SuperGroup, said: “James and I passionately believe that the success of the Superdry brand is down to the combined work of all our people. As the founders of the business, we remain significant investors and it is important to us that we share our on-going success with all [employees]. This is the right way to ensure that our great team is properly rewarded for all the work they are doing to grow our global lifestyle brand.”