Sosandar reveals first store locations as annual sales rise

Sosandar has revealed the locations for its first two stores, following a rise in revenue for the year ending 31 March 2024. 

The womenswear brand has signed for units in Marlow and Chelmsford, describing them as "top-tier" locations.

Both shops are expected to open in September, whilst other prospective stores are at a "late stage of negotiation" with a wider set of store locations identified for roll-out over the medium term.

It comes as Sosandar reports annual net revenue growth of 9% to £46.3 million, compared to £42.5 million the previous year.

Gross margin also improved to 57.6%, with a loss of £300 million following "an upswing in profit-before-tax in H2 to £1 million".

Looking ahead, the company highlights its continued focus on prioritising margin enhancement and profitability with reduced discounting ahead of planned store launches later this year.

To achieve this, Sosandar said it will also "leverage its brand equity, creating its own marketing ecosystem through its stores which will enable it to own its customers directly".

The business expects its enhanced brand presence and sales mix will, once again, deliver an increase in revenue, driven by growth through its own website and the rollout of stores.

Ali Hall and Julie Lavington, Co-CEOs of Sosandar, said: "We have delivered a robust financial performance for FY24, delivering a profitable second half, accelerating revenue growth whilst at the same time growing our margin and generating cash.

"This performance has been achieved against one of the most challenging backdrops our industry has experienced and is a testament to how our customers feel about our on-trend, affordable, long lasting, lifestyle appropriate clothes.

"The transition to becoming a true multi-channel retailer, with our products being sold on our own site, our mobile app, through our own stores and via highly reputable third-party partners, is well underway.

"We are excited to announce the first locations for our Sosandar stores. These stores fit our criteria of being positioned in top tier locations, located in the right position in affluent, thriving locations where Sosandar customers over-index. Throughout the process we have remained disciplined in our approach to ensuring 'right price, right location'. We look forward to the official opening of them in the next few months, and with others to come."