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In The Style drives profitability to boost long-term growth

Sophie Smith
23 September 2022

In The Style has made "significant progress" against several of its strategic priorities to increase profitability and manage its cash position.

The group said it continues to manage cash carefully and, as of 21 September 2022, net cash was at £4.3 million, following a shift of its operations to a larger and more efficient warehouse where it can cut costs.

The new 84,000 sq ft warehouse also provides In The Style with sufficient capacity for future growth.

The group also highlighted the "successful" launch of FITS, a collection of own-brand wardrobe staples. In The Style said that the level of gross order value generated on the day of launch was one of the largest of the year so far.

The own-brand staples range marked a step away from its traditional influencer campaigns and will bring in more sales opportunities, In The Style said.

Progress has been made in optimising stock buys, in line with the group’s strategic focus on increasing the proportion of full price sales. In The Style expects that any buy quantity reductions will benefit the level of gross margin generated by the group from October 2022.

The group has also completed a restructuring of its marketing, technology and product departments to increase operating efficiencies from October 2022.

Sam Perkins, CEO of In The Style, said: “We have made solid progress against the group’s refined long-term growth strategy outlined at our FY22 results in July. Notable highlights have included the launch of our own-brand collection called FITS to a very encouraging customer reaction, as well as several important operational milestones including the move to a more efficient and scalable warehouse.

“As has been widely reported, the trading environment is a challenging one for both consumers and retailers. The launch model and our position as a pure-play online retailer allows us to respond quickly to changing consumer behaviour, whilst not losing sight of achieving In The Style’s long-term potential as one of the UK’s most exciting fashion brands.”

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