// Sosandar has raised £5.4m to accelerate its omnichannel strategy
// The etailer will use the funds to invest in stock following its partnership with Sainsbury’s
Sosandar has raised £5.4m via a placing to accelerate its omnichannel strategy following its tie-up with Sainsbury’s.
The womenswear etailer will use the funds to invest in stock so it can increase its range in-store with third-party partners.
Both existing and new investors backed Sosandar’s placing.
Sosander co-CEOs Ali Hall and Julie Lavington said that it believed the opportunity for Sosander “is larger than ever”.
They said: “We see a number of opportunities for further growth both on our own site and through our third-party partners in the coming months and beyond.
“Proceeds of the placing will provide the balance sheet flexibility to enable us to execute our omnichannel strategy, starting with increasing stock from autumn winter 2023 for the in-store launch with Sainsbury’s, fast-tracking other growth initiatives and accelerating our proven customer acquisition model.
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Last month, Sosandar revealed it had teamed up with Sainsbury’s to sell a curated collection of the etailer’s products online and in selected stores.
The partnership will see Sosandar open its first physical space allowing it to become a true omni-channel retailer.
The fashion brand already sells through retailers including John Lewis, Marks and Spencer, Next, The Very Group and JD Williams.
Hall and Lavington said: “Our decision to become an omnichannel business will allow us to enhance our brand equity, accelerate market share growth both in the UK and internationally while also increasing both brand awareness and scalable growth potential.
“We are as confident as ever that the winning formula of our distinctive product range and effective marketing strategy will enable us to capitalise on the sizable opportunity available and continue to move forward on our journey to becoming one of the largest womenswear brands globally.”
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