Norwegian hedge fund First Seagull has acquired a 5.3% stake in Superdry on the back of a series of profit warnings and a share price slide that the investment firm believes makes the UK-based retailer ripe for a takeover bid, according to a report by The Times.

The report cites a regulatory filing in revealing First Seagull's stake in Superdry, which has reportedly attracted the attentions of Sycamore Partners, an American private equity firm, and Authentic Brands Group, which owns Ted Baker and Forever 21.

Superdry’s share price has plunged by almost 90% over the past year, with the firm's most recent profit warning coming on the back of "unseasonal" weather which left it overstocked with coats.

The retailer, which operates in 48 countries via 216 physical stores and 369 franchisees and licensees, employing over 3,350 employees globally, is currently working with advisers at PwC to look at a company voluntary arrangement or other form of restructuring in a move that could result in widespread shop closures and job cuts.