// The influencer-led fashion retailer In The Style sees record revenue during its first year as public company
// The retailer expects to report revenue of £57.3m, equating to 28% growth year-on-year
The influencer-led fashion retailer In The Style has said its revenue came in just ahead of guidance with growth of 28% to £57.3 million in its first full year as a public company.
In the 12 months to 31 March, the retailer’s sales were up 197% on two years ago as it continued to build on its successful social-influencer business model by working with the likes of Jac Jossa, Lorna Luxe, Perrie Sian, Gemma Atkinson and Stacey Solomon.
The retailer attracted 33,000 new customers a month throughout the year on average and saw a 9% rise in overall order frequency and a 21% increase in average order value year-on-year.
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In a statement on the London Stock Exchange, it said it expects macroeconomic pressures to persist over the coming months.
However it said the group’s strong brand proposition and resulting pricing power has partially mitigated the impact of cost inflation on gross margin.
In The Style chief executive Sam Perkins said: “I am pleased to report that In The Style achieved a strong year of revenue and customer growth. This continues to be underpinned by the strength of our inclusive brand and our highly distinctive social-influencer collaboration model, which has the major advantage of creating real engagement with consumers in a cost-effective way. This creates a robust economic model, provides flexibility to respond rapidly to changing consumer trends and ultimately, positions the group well for sustainable growth.”
Looking ahead, Perkins said: “Whilst there are macroeconomic challenges facing all retail businesses right now, we are managing our cost base tightly. Given our differentiated proposition and the investments we’ve made in our team, technology and infrastructure during recent periods, In The Style is very well positioned to continue its impressive growth and improve its profitability during FY23.”
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