In The Style has released a trading update for the period from April to August 2021 which shows that it has continued to deliver strong sales growth with Group revenue during the Period up 45 per cent year on year with eCommerce gross order value almost 50 per cent ahead. This, the company says, been driven by the increasing profile and awareness of In The Style’s differentiated brand; the continued expansion of it’s influencer collaboration model including the launch of nine new partnerships; plus increased customer demand on the back of social events returning during the summer.
In The Style’s proprietary App continued to deliver strong levels of consumer engagement, with App sales increasing to 62 per cent of total eCommerce sales compared to 53 per cent 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 per cent year on year.
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 eCommerce sales for the period (excluding VAT and post returns) were 25 per cent ahead of the prior year.
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 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.”
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