In The Style Group PLC AGM Trading Update (3811A)
23 Septiembre 2022 - 1:01AM
UK Regulatory
TIDMITS
RNS Number : 3811A
In The Style Group PLC
23 September 2022
23 September 2022
In The Style Group plc
("In The Style", the "Company" or the "Group")
AGM Trading Update
In The Style Group plc (AIM:ITS), the disruptive and inclusive
digital womenswear fashion brand, announces a trading update to
coincide with its Annual General Meeting, which will take place at
9:30 a.m. this morning at The Radisson Edwardian, Free Trade Hall,
Peter Street, Manchester, M2 5GP.
As has been previously communicated, the Group's focus for the
year is on re-engineering the model to increase profitability and
manage the cash position. We have made significant progress against
several of the strategic priorities that support this:
-- We successfully moved our operations to a new, larger 84,000
sq. ft. warehouse at the end of August and we are fully
operational. As previously communicated, we expect efficiencies
gained through the move to provide benefits to the Group's
distribution costs per unit whilst providing sufficient capacity
for future growth
-- We successfully launched 'FITS', a collection of own-brand
wardrobe staples. The level of gross order value generated on the
day of launch was one of the largest of the year so far. The FITS
brand will provide the Group with additional opportunities to
engage with its customers and increase sales outside of the Group's
traditional influencer campaign launch cycle.
-- Good progress has also been made in optimising stock buys, in
line with the Group's strategic focus on increasing the proportion
of full price sales. It is expected that these buy quantity
reductions will benefit the level of gross margin generated by the
group from October 2022
-- We have completed a restructuring of the Group's marketing,
technology and product departments to increase operating
efficiencies from October 2022.
The Group continues to manage cash carefully and, as at 21
September 2022, net cash was at GBP4.3 million, following
investment and exceptional items of GBP0.6m as part of the
warehouse move, in line with the Board's expectations (31 March
2022: GBP5.8m). The Group's invoice discounting facility remained
undrawn, with GBP0.8m of liquidity available.
Sam Perkins, CEO of In The Style, commented: "We have made solid
progress against the Group's refined long-term growth strategy
outlined at our FY22 results in July. Notable highlights have
included the launch of our own-brand collection called FITS to a
very encouraging customer reaction, as well as several important
operational milestones including the move to a more efficient and
scalable warehouse.
"As has been widely reported, the trading environment is a
challenging one for both consumers and retailers. The launch model
and our position as a pure-play online retailer allows us to
respond quickly to changing consumer behaviour, whilst not losing
sight of achieving In The Style's long-term potential as one of the
UK's most exciting fashion brands."
ENDS
For media enquiries:
Please contact the team at Hudson Sandler on +44 (0)20 7796 4133
or email inthestyle@hudsonsandler.com .
In The Style Group plc Via Hudson Sandler
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
About In The Style
In The Style is a fast-growing digital womenswear fashion brand
with an innovative social media influencer collaboration model.
Founded in 2013, the brand champions 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 Perrie Sian. Together they
enjoy a combined global social media reach of over 30m
followers.
For more information, please visit
https://corporate.inthestyle.com/about/
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END
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