In The Style Group plc has provided an update on trading for the financial year ended 31 March 2022 (“FY22”).
In its first full year as a public company, In The Style continued to achieve strong year-on-year revenue growth. The Group expects, subject to audit, to report revenue of £57.3m, which equates to 28 per cent growth year-on-year and 197 per cent growth on FY20 (FY21: £44.7m; FY20: £19.3m), and is marginally ahead of the guidance issued by the Company in January 2022. Adjusted EBITDA margin will be in line with that guidance at 1 per cent.
During the year, it had continued to leverage its highly distinctive social-influencer collaboration model, launching collaborations with 27 influencers. This influencer base included both established names such as Jac Jossa and Lorna Luxe along with a number of new influencers including Perrie Sian, Gemma Atkinson and Stacey Solomon, with whom In The Style launched its first ever sustainable collection.
The Group attracted, on average, 33k new customers a month through FY22 to grow its active customer base. Consumer engagement with the In The Style proprietary app continues to be strong, with over 850,000 downloads in the year and this contributed to a 9 per cent increase in overall order frequency and a 21 per cent increase in average order value3 year-on-year. After an inconsistent H1, return rates have continued to normalise and were in line with management’s expectations through H2 FY22.
The Group also continued to grow its reach through new considered wholesale partnerships including ASDA, and these have contributed to good growth.
Sam Perkins, CEO at In The Style, commented: “I am pleased to report that In The Style achieved a strong year of revenue and customer growth. This continues to be underpinned by the strength of our inclusive brand and our highly distinctive social-influencer collaboration model, which has the major advantage of creating real engagement with consumers in a cost-effective way. This creates a robust economic model, provides flexibility to respond rapidly to changing consumer trends and ultimately, positions the Group well for sustainable growth.
“Whilst there are macroeconomic challenges facing all retail businesses right now, we are managing our cost base tightly. Given our differentiated proposition and the investments we’ve made in our team, technology and infrastructure during recent periods, In The Style is very well positioned to continue its impressive growth and improve its profitability during FY23.”