TIDMITS
RNS Number : 6119J
In The Style Group PLC
28 April 2022
28 April 2022
In The Style Group plc
("In The Style", the "Company" or the "Group")
Full Year Trading Update
Another encouraging year of strong sales and customer growth
In The Style Group plc (AIM: ITS), the disruptive and inclusive
digital womenswear fashion brand with an innovative influencer
collaboration model, today provides an update on trading for the
financial year ended 31 March 2022 ("FY22").
In its first full year as a public company, In The Style
continued to achieve strong year-on-year revenue growth. The Group
expects, subject to audit, to report revenue of GBP57.3m, which
equates to 28% growth year-on-year and 197% growth on FY20 (FY21:
44.7m; FY20: GBP19.3m), and is marginally ahead of the guidance
issued by the Company in January 2022. Adjusted EBITDA margin will
be in line with that guidance at 1%.
During the year, In The Style continued to leverage its highly
distinctive social-influencer collaboration model, launching
collaborations with 27 influencers. This influencer base included
both established names such as Jac Jossa and Lorna Luxe along with
a number of new influencers including Perrie Sian, Gemma Atkinson
and Stacey Solomon, with whom In The Style launched its first ever
sustainable collection.
The Group attracted, on average, 33k new customers a month
through FY22 to grow its active customer base(1) . Consumer
engagement with the In The Style proprietary app continues to be
strong, with over 850,000 downloads in the year and this
contributed to a 9% increase in overall order frequency(2) and a
21% increase in average order value(3) year-on-year. After an
inconsistent H1, return rates have continued to normalise and were
in line with management's expectations through H2 FY22.
The Group continued to grow its reach through new considered
wholesale partnerships including ASDA, and these have contributed
to good growth in our wholesale channel.
Industry-wide challenges in the global supply chain are well
documented and, as previously indicated by the Group, resulted in
pressure on gross margin through FY22.
Whilst macroeconomic pressures are expected to persist over the
coming months, the Group's strong brand proposition and resulting
pricing power has partially mitigated the impact of cost inflation
on gross margin. Management was also encouraged that for a period
in January and February 2022, prior to Russia's invasion of
Ukraine, freight costs somewhat normalised.
The Board is confident that the execution of Group's strategic
initiatives and the strong pipeline of new influencers will
maintain the strong sales momentum achieved during FY22 and improve
profitability during FY23.
Sam Perkins, CEO at In The Style, commented:
"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.
"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."
(1) Active customers is defined as the number of consumers who
have made at least one purchase in the last twelve months through
either the website or the app.
(2) Order frequency has been defined as the total number of
orders placed by consumers divided by the number of active
customers.
(3) Average order value is defined as gross sales including
sales tax divided by the number of orders.
In The Style Group plc Via Hudson Sandler
Jim Sharp, Non-Executive Chairman
Sam Perkins, CEO
Rich Monaghan, CFO
Liberum Capital Limited (Nomad and Broker) +44 (0)20 3100 2000
Clayton Bush
Scott Mathieson
Ed Thomas
Miquela Bezuidenhoudt
Hudson Sandler +44 (0)20 7796 4133
Alex Brennan inthestyle@hudsonsandler.com
Lucy Wollam
Ben Wilson
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act
2018.
Notes to Editors
In The Style is a fast-growing digital womenswear fashion brand
with an innovative social media 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 25+
influencers, including Jac Jossa, Stacey Solomon and Lorna Luxe.
Together they enjoy a combined global social media reach of over
30m followers.
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END
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