TIDMITS
RNS Number : 8323M
In The Style Group PLC
24 September 2021
In The Style Group plc
("In The Style", the "Company" or the "Group")
AGM Trading Update
In The Style, the fast-growing digital womenswear fashion brand
with an innovative influencer collaboration model, announces a
trading update for the period from April to August 2021 (the
"Period") ahead of the Company's Annual General Meeting ("AGM") to
be held at 11.30am today.
In The Style has continued to deliver strong sales growth with
Group revenue during the Period up 45% year on year and e-commerce
Gross Order Value almost 50% ahead. This performance has been
driven by the increasing profile and awareness of In The Style's
differentiated brand; the continued expansion of the Group's
influencer collaboration model including the launch of nine new
partnerships during the Period; and increased customer demand
reflecting the return of social events during the summer.
The Group's primary operational KPIs of website traffic,
customer conversion, average order value, and order frequency all
showed strong improvements against the prior year. In The Style's
proprietary App continued to deliver strong levels of consumer
engagement, with App sales increasing to 62% of total e-commerce
sales compared to 53% for the same period in the prior year. The
Group's new strategic wholesale partnerships, including the
successful launch in 100 ASDA stores in May, supported good levels
of customer engagement and resulted in wholesale sales
significantly increasing by in excess of 200% year on year.
As anticipated, over the Period the Company has seen a shift in
demand towards occasionwear, which typically carries a higher rate
of returns than the leisurewear categories that dominated the sales
mix during the prior year. In addition, the faster than anticipated
progress on growing sales of the Group's more inclusive size ranges
has resulted in an increase in the rate of returns. As a result,
net e-commerce sales for the Period (excluding VAT and post
returns) were 25% ahead of the prior year.
The Group continues to invest in its senior leadership team to
support the delivery of In The Style's long term growth plans with
several hires made during the Period across product, sourcing,
technology, brand, HR, finance and CSR.
Consistent with many other UK retailers, In The Style has not
been immune to the impact of the widely documented freight and
supply chain disruption during recent months. Whilst the Group has
sought to utilise the most efficient channels wherever possible to
ship product, increased freight costs and disruption to the timing
of shipments are expected to remain for at least the remainder of
the current financial year which, in combination with the increased
returns rate in the Period, will impact the Group's
profitability.
Despite this near-to-medium-term industry-wide disruption,
underpinned by its innovative influencer collaboration model and
differentiated, inclusive brand, In The Style remains in very well
positioned to continue its strong growth trajectory and deliver its
exciting long-term potential.
Adam Frisby, CEO and Founder of In The Style, commented:
"We are pleased with the strong sales momentum achieved during
the financial year to date. This momentum has been supported by
increasing consumer awareness of In The Style and our clear brand
mission to empower customers to be brave, embrace body confidence
and, most of all, love themselves for who they are.
"Central to our growth is our differentiated influencer
collaboration model that creates strong customer connections,
drives efficient customer acquisition, and gives us exposure to a
broad range of customers. During the Period we continued to add
exciting new influencer partnerships as well as launching a number
of successful collections.
"We continue to invest in our team and infrastructure to support
our long-term growth, and despite the widely-publicised external
headwinds expected to continue to impact across the retail industry
over the coming months, we remain very well positioned to continue
to grow In The Style and achieve the brand's exciting
potential."
Enquiries
In The Style Group plc
Jim Sharp, Non-Executive Chairman Via Hudson Sandler
Adam Frisby, CEO
Paul Masters, CFO & COO
Liberum Capital Limited (Nomad
and Broker)
Clayton Bush
Scott Mathieson
Ed Thomas
Miquela Bezuidenhoudt +44 (0)20 3100 2000
Hudson Sandler
Alex Brennan +44 (0)20 7796 4133
Lucy Wollam inthestyle@hudsonsandler.com
Nick Moore
Notes to Editors
In The Style is a fast-growing digital 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 followers.
https://corporate.inthestyle.com/
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