In The Style reports 130% sales rise and signs deal with ASDA
In The Style, the newly listed online fast fashion business, has said it expects sales for the year to 31 March to be no less than £44.5m, representing 130% growth year on year. It has also revealed a deal with ASDA that will see its ranges launched into the retail giant's stores.
The business, which operates an influencer-driven model, said new customers acquired during the year grew 19% year on year to 420,000, while sales through the proprietary In The Style App increased by more than 400% year on year. App sales represented 55% of total sales during the period.
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".
From the first quarter of FY22 the brand's ranges will also be available to buy within 100 ASDA stores nationwide, as the retail giant diversifies its fashion offer with more third-party brands. Yesterday ASDA revealed it has introduced vintage clothing into its stores in partnership with Preloved Vintage Wholesale.
Commenting on the latest trading update, CEO Frisby said: “We have maintained our strong momentum since our successful IPO and delivered a very good performance for the year. I’d like to take this opportunity to thank our partners, colleagues and customers for their continued support of the brand during what has been a transformational year for In The Style.
“In The Style continues to do things differently by ensuring we empower our customers to be brave, embrace body confidence and, most of all, love themselves for who they are. Our collaboration model creates a strong customer connection, drives highly efficient customer acquisition marketing metrics, and gives us exposure to a broad range of customers. The success of this model has been highlighted since the year end by our exclusive partnership with Stacey Solomon. The collaboration with Stacey is one that we are really proud of and the hugely positive reaction to the launch of her maiden collection on 27 April underpins our confidence that this would generate an amazing reception from our customers and Stacey’s followers. In addition, our nationwide partnership with Asda is also really exciting for the brand and will give In The Style fantastic levels of exposure and greater reach with our customers.
“We look forward to building on this momentum into FY22 to deliver our growth plans and create further value to all stakeholders.”