In The Style boosted by success of influencer business model
Online fashion retailer In The Style has said its revenue came in marginally ahead of guidance with growth of 28% to £57.3 million in its first full year as a public company.
In the 12 months to 31 March, the retailer’s sales were up 197% on two years ago.
During the year, In The Style continued to build on its successful social-influencer business model by working with 27 influencers which included the likes of Jac Jossa, Lorna Luxe, Perrie Sian, Gemma Atkinson and Stacey Solomon.
Sam Perkins, chief executive at In The Style, said: “I am pleased to report that In The Style achieved a strong year of revenue and customer growth. This continues to be underpinned by the strength of our inclusive brand and our highly distinctive social-influencer collaboration model, which has the major advantage of creating real engagement with consumers in a cost-effective way. This creates a robust economic model, provides flexibility to respond rapidly to changing consumer trends and ultimately, positions the group well for sustainable growth.”
The retailer attracted an average, of 33,000 new customers a month throughout the year and saw a 9% increase in overall order frequency and a 21% uplift in average order value year-on-year. After an inconsistent first half, return rates began to normalise in the second and were in line with management’s expectations.
Looking ahead, Perkins said: “Whilst there are macroeconomic challenges facing all retail businesses right now, we are managing our cost base tightly. Given our differentiated proposition and the investments we’ve made in our team, technology and infrastructure during recent periods, In The Style is very well positioned to continue its impressive growth and improve its profitability during FY23.”
