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29 Apr 2021 07:00
In The Style Group Plc
('In The Style', the 'Group')
Trading Update for the 12 months to 31 March 2021
Strong momentum and strategic progress continued since IPO to deliver very strong FY21 performance
29 April 2021 - In The Style, the fast-growing e-commerce womenswear fashion brand with an innovative influencer collaboration model, is pleased to announce an update on trading for the 12 months to 31 March 2021 (the "Period") following its successful Admission to the London Stock Exchange's AIM on 15 March 2021.
Highlights
• | Strong sales momentum ahead of prior expectations since the Group's Admission to AIM |
• | Turnover for the Period, subject to audit, expected to be no lower than £44.5m, an increase of more than 130% from the prior year (FY20: £19.3m) |
• | New customers acquired during the year grew 19% year on year to 420k (59% increase excluding the impact of the Be Kind charity campaigns initiated in February 2020 and February 2021) |
• | Sales through the proprietary In The Style App increased by >400% year on year. App sales represented 55% of total sales during the Period (19% in the prior year) |
• | In light of the strong trading performance, prior to the year end the Group returned financial support previously claimed under the Coronavirus Job Retention Scheme |
• | The Group ended the period with £11.9m of cash |
• | Since the Period end, the Group has announced and successfully launched one of its largest ever partnerships with TV personality and influencer Stacey Solomon, as well as a partnership with Asda, which will see the brand sold in approximately 100 stores |
In The Style delivered a very strong performance during the Period with expected turnover of no lower than £44.5m, a year on year increase of more than 130%.
During the Period, new customer generation increased by 19% to 420k, driven by the growing appeal of the In The Style brand and its influencer partners, and excellent customer demand for its product proposition. Excluding the impact of the hugely successful Be Kind charity campaigns launched in February 2020 and February 2021, underlying new customers increased by 59%.
Sales through the proprietary In The Style App increased by more than 400% during the year. The app, which gives customers early access to collection launches and drives greater customer engagement and conversion, represented 55% of total sales for the Period, this compares to 19% for the prior year.
Following the Period end, the Group has continued to progress against its long-term growth strategy. In April, the Group announced one of its largest ever partnerships, with TV personality and influencer Stacey Solomon. The announcement of Stacey's debut In The Style collection was very well received by customers and the initial reaction to the launch on 27 April 2021 has been very positive.
In April the Group also signed a partnership with Asda, which will see In The Style introduce selected ranges to approximately 100 Asda stores across the UK in the first quarter of FY22.
Adam Frisby, CEO and founder of In The Style, commented:
"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"
ENDS
Enquiries
In The Style Group plc Jim Sharp, Non-Executive Chairman Adam Frisby, CEO Paul Masters, CFO & COO
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Via Hudson Sandler |
Liberum Capital Limited (Nomad and Broker) Clayton Bush Scott Mathieson Ed Thomas Miquela Bezuidenhoudt
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+44 (0)20 3100 2000 |
Hudson Sandler Alex Brennan Lucy Wollam Nick Moore |
+44(0)20 7796 4133 inthestyle@hudsonsandler.com |
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Notes to Editors
In The Style is a fast-growing e-commerce womenswear fashion brand with an innovative influencer collaboration model.
Founded in 2013 by entrepreneur Adam Frisby, the brand champions female empowerment, inclusivity, body positivity and real beauty.
The brand's innovative and highly adaptable influencer collaboration model, which sees it work with influencers on a long-term basis to collaboratively design, develop and promote branded collections, differentiates it from competitors.
In The Style currently partners with a stable of 15 influencers, including Stacey Solomon, Dani Dyer, Jacqueline Jossa and Billie Faiers. Together they enjoy a combined global social media reach of almost 30m.
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