In The Style, the fast-growing digital womenswear fashion brand with an innovative influencer collaboration model, has announced its results for the 12 months to 31 March 2021 following the Group’s successful admission to the London Stock Exchange’s AIM on 15 March 2021.
Revenue increased by 132 per cent to £44.7 million (FY20: £19.3 million) with direct-to-consumer revenue up 108 per cent to £36.4 million. (FY20: £17.5m). Wholesale revenue increased 353 per cent to £8.3 million (FY20: £1.8 million).
Increased frequency of new product collection launches, moving from a typical frequency of up to two collections per week in FY20 to consistently releasing between three and four new collections per week in FY21 s supported progress across several operational KPIs including website visits, AOV increasing, with ordering frequency also up.
Sales in the first quarter of the FY22 financial year are 44 per cent ahead of the prior year, despite the strong ‘lockdown’ comparatives in FY21. Both eCommerce and wholesale channels have performed strongly over the first quarter with several successful collection launches from the Group’s existing influencers including the launch of the debut Stacey Solomon x In The Style collection.
Adam Frisby, CEO and founder of In The Style, commented: “FY21 was a transformational year for In The Style, during which we delivered outstanding growth and strategic progress while remaining true to our mission of empowering our customers to be brave, embrace body confidence and, most of all, love themselves for who they are.
Central to our success is our differentiated influencer collaboration model that creates a strong customer connection, drives highly efficient customer acquisition marketing metrics, and gives us exposure to a broad range of customers. We have maintained very positive trading momentum through the early part of FY22 despite the strong prior year comparatives and continue to progress well against our strategic objectives, driven in part by new initiatives including the exceptionally well received Stacey Solomon collaboration and our nationwide Asda partnership.
I’d like to take this opportunity to thank our partners, colleagues, and customers as well as both our old and new shareholders for their support of the In The Style brand. Following our successful IPO, I believe we are very well positioned to continue to build on our strong momentum and achieve our significant growth ambitions.”
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