British fashion brand Superdry announced today that it is engaged in “positive” discussions with investors about an equity raise of up to 20%. The announcement comes in response to media reports that Superdry intends to raise approximately £15m ($18.7m) in equity.

The founder and CEO of Superdry, Julian Dunkerton, plans to participate “significantly” in the equity raise and provide a significant underwriting commitment. The move is seen as an effort to bolster the company’s finances and turn around its recent performance.

Dunkerton’s attempt to rejuvenate Superdry’s performance comes after the company’s announcement last month of a deal to generate £34m by selling its intellectual property assets in the Asia-Pacific region.

Superdry warned that its sales growth had failed to meet boardroom expectations, and blamed this on the cost of living crisis and poor weather driving down demand.

Dunkerton has shown his commitment to supporting the equity raise, although it is not yet clear which other leading shareholders would follow suit. According to Sky News, one investor said the cash was likely to be worth “more than £10m” and possibly closer to £15m.

The company has not yet announced the exact terms of the equity raise, but investors are likely to be keen to take advantage of the opportunity to invest in a well-known fashion brand, reports suggest.

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There has been speculation that Dunkerton may make an offer to take the company private. But according to Sky News, Superdry’s founder said in February he had “no plans to do this at the moment.”

Superdry has struggled to maintain its position in the competitive fashion industry, with its shares falling by 33% this year alone. The equity raise is part of a broader strategy by Superdry to regain its footing in the fashion industry.