- Huw Hughes |
Manchester-based fashion e-tailer In The Style has reported “strong sales momentum” ahead of expectations for the 12 months to March 31.
The womenswear retailer, which debuted on the London Stock Exchange’s AIM market last month, said it expects turnover for the year, which is subject to audit, to be no lower than 44.5 million pounds, which would represent a 130 percent increase on the prior year.
Sales through the proprietary In The Style app increased by more than 400 percent and represented 55 percent of total sales during the period compared to 19 percent the year before.
The company did not disclose its net income for the year.
It also announced a new partnership with Asda, which will see In The Style introduce selected ranges to approximately 100 Asda stores across the UK in the first quarter of FY22.
Founded in 2013, In The Style has been growing rapidly in recent years and has continued to perform well during the pandemic as lockdowns accelerated the shift of shoppers to online channels.
New customers acquired during the year grew 19 percent to 420,000.
The company said that in light of its strong trading performance, prior to the year end it returned financial support previously claimed under the Coronavirus Job Retention Scheme.
The group ended the period with 11.9 million pounds in cash.
“We have maintained our strong momentum since our successful IPO and delivered a very good performance for the year,” said founder and CEO Adam Frisby in a statement. “Our collaboration model creates a strong customer connection, drives highly efficient customer acquisition marketing metrics, and gives us exposure to a broad range of customers.”
The brand, which uses an influencer collaboration model, was valued at 105 million pounds when it floated last month.
“We look forward to building on this momentum into FY22 to deliver our growth plans and create further value to all stakeholders,” Frisby said.