Speaking at Superdry’s annual results media briefing, founder Dunkerton brandishes a shapeless rust-coloured jacket, which he’s has plucked from a rack of women’s coats designed under the retailer’s previous management.

“I had to come back because [the brand] was being pointed in the wrong way,” he says, comparing the rack to one on the other side of the room, filled with sleeker, dark-coloured, premium-looking product designed since he returned to the helm in April.

Superdry’s full-year results made for painful, albeit not surprising reading, as the retailer swung to an £85.4m statutory pre-tax loss, against a £65.3m profit the previous year, while sales were flat at £871.1m.