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In The Style doubles revenue as it returns to profit

Tom Shearsmith
27 July 2021

Digital womenswear brand In The Style has reported revenues of £44.7 million for the 12 months to 31 March 2021, up from £19.3 million in the year previous.

Direct-to-consumer revenues increased 108% to £36.4 million, whilst wholesale revenue increased 353% to £8.3 million.

The etailer's adjusted EBITDA increased to £3.8 million, ahead of expectations, having made a loss of £1.1 million in FY20.

Adjusted Profit Before Tax also increased to £2.5 million, against a loss of £2.2 million last year.

In The Style was listed on AIM on 15 March in a move which valued the business, founded in 2013 by entrepreneur Adam Frisby, at £105m. Its model involves collaborations with well-known influencers who co-develop collections and take a commission on sales, thus spreading the risk and reward of the launches.

Its most recent collaboration was with TV personality Stacey Solomon and others to have worked with the brand include Billie Faiers, Jacqueline Jossa and Dani Dyer. Initial reaction to the Solomon range, which launched on 27 April, has been "positive".

In The Style also reported that website visits had increased 30% year on year, with the conversion rate also improving 62bps and average order value increasing 10%.

Since the first quarter of FY22 the brand's ranges have been available to buy within 100 ASDA stores nationwide, as the retail giant diversifies its fashion offer with more third-party brands.

Adam Frisby, CEO and founder of In The Style, commented: “FY21 was a transformational year for In The Style, during which we delivered outstanding growth and strategic progress while remaining true to our mission of empowering our customers to be brave, embrace body confidence and, most of all, love themselves for who they are.

Central to our success is our differentiated influencer collaboration model that creates a strong customer connection, drives highly efficient customer acquisition marketing metrics, and gives us exposure to a broad range of customers. We have maintained very positive trading momentum through the early part of FY22 despite the strong prior year comparatives and continue to progress well against our strategic objectives, driven in part by new initiatives including the exceptionally well received Stacey Solomon collaboration and our nationwide Asda partnership.

“I’d like to take this opportunity to thank our partners, colleagues, and customers as well as both our old and new shareholders for their support of the In The Style brand. Following our successful IPO, I believe we are very well positioned to continue to build on our strong momentum and achieve our significant growth ambitions.”

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