In The Style sales surge on appealing collab format
Maintaining strong momentum since its March IPO and delivering a “very good performance” for the year was the headline news from online women’s fashion retailer In The Style as its collaboration format continues to draw in new customers.
Billing itself as “the fast-growing brand with an innovative influencer collaboration model”, turnover for the 12 months to 31 March is expected (post-audit) to rocket more than 130% year-on-year to £44.5 million. Sales through its proprietary app also increased by 400% year-on-year, representing 55% of total sales during the period, up from 19% in the year-ago period.
Another key highlight was its 19% growth in new customers to 420,000.
However, there was no information on its bottom line performance in its trading statement. But such was the year's revenue success, the company said it returned the financial support claimed under the Coronavirus Job Retention Scheme. The group ended the year with £11.9m of cash on its books.
In other news, the group said its largest ever partnerships with TV personality and influencer Stacey Solomon had opened successfully in April, alongside its partnership with supermarket Asda, which will see the brand sold in around 100 stores.
CEO and founder Adam Frisby said: "We have maintained our strong momentum since our successful IPO and delivered a very good performance for the year”.
"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".
He added: "The collaboration with Stacey is one that we are really proud of and the hugely positive reaction to the launch of her maiden collection on 27 April underpins our confidence that this would generate an amazing reception from our customers and Stacey's followers.
"In addition, our nationwide partnership with Asda is also really exciting for the brand and will give In The Style fantastic levels of exposure and greater reach with our customers”.
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