Trading at Sosandar has “exceeded management expectations” in the last quarter, the same period in which the online retailer entered the stock market.
In a trading update covering the three months to the end of November – the fashion retailer’s first since floating in London’s AIM on November 2 – and following a reverse takeover, Sosandar has said the funds raised had enabled it to “acquire larger and wider ranges of product”.
It has also enabled the retailer to accelerate its media and marketing activities, including investment in new marketing channels which has yielded “strong results” and will be expanded to drive new customer acquisition.
However, specific figures around profits and losses were not disclosed.
Nonetheless, Sosandar’s joint chief executives Julie Lavington and Ali Hall said they were “delighted” with the progress made to date.
“The additional funds we have recently raised has allowed us to drive significant momentum into the business,” they said.
“Our depth of product is expanding, we are now able to buy larger lines of product, thus reducing lead times and increasing margin.”
Sosandar launched in 2016 by former Look magazine editor and publisher Hall and Lavington, with the aim of curating a “one-stop shop for the affluent, professional woman who has graduated from price-led alternatives”.