TIDMITS
RNS Number : 9823W
In The Style Group PLC
29 April 2021
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 GBP44.5m, an increase of more than 130% from the prior year
(FY20: GBP19.3m)
-- 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 GBP11.9m 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 GBP44.5m, 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 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 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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END
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