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I Saw It First reports losses in 2021 despite sales rise

Tom Shearsmith
08 July 2022

Fast fashion brand I Saw It First has reported a 30% increase in revenue for the full year ending 3 October 2021.

The company’s turnover for the year came in at £74.8 million compared to the £57.7 million reported a year earlier.

Turnover in the UK, its biggest market, was up 36% to £69.4 million, whilst turnover in Europe dropped 22% to £4.5 million. Turnover for the rest of the world was down 11% to £915,000.

However, despite an increase in sales, I Saw It First reported a loss after tax of £7.8 million, compared to £7.5 million loss in the previous year.

The company also increased its employees by 4, with overall salary spending increasing from £5.18 million in 2020 to £6.5 million in 2021, signifying an increase in staff wages.

Founded in 2017, the Manchester-based company offers womenswear, footwear and homeware. Since its launch, the brand has established a customer base in excess of 3 million customers. In November 2021 the company appointed Greg Pateras to the position of CEO, after he took the position of executive director earlier that year.

Earlier this year, the business announced it will offer its employees half a day of paid leave to attend smear test appointments.

The initiative aims to encourage its employees to get their cervical screenings without worrying about being able to fit it around their work schedule or having to use up their annual leave.

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