In The Style Group plc has posted its full-year results for the financial year ended 31 March 2022.
Revenue increased to £57.3m from £44.7m in the previous year, with gross profit increasing by 22 per cent to £25.1m. Direct-to-consumer (“DTC”) revenue grew by 23 per cent to £44.7m (2021: £36.4m) and wholesale revenue grew by 52 per cent.
Total orders increased by 13 per cent to 1,523,000 (2021: 1,343,000) and conversion rate had improved to 3.16 per cent (2021: 2.89 per cent). Average order value increased by 21 per cent to £52.00 (2021: £42.85) and new customers increased by 391,000 in the year; active customer) base grew by 4 per cent to 677,000 (2021: 653,000). Order frequency increased by 9 per cent to 2.25 times per year (2021: 2.06 time per year)
The Group had continued to leverage its social-influencer collaboration model, launching 193 collaboration collections across 27 influencers. This influencer base included both established names such as Jac Jossa and Lorna Luxe as well as a number of new influencers including Perrie Sian, Gemma Atkinson and Stacey Solomon, with whom In The Style launched its first ever sustainable collection. It had also reached an agreement to collaborate with Dame Deborah James in early 2022 which was aligned with its purpose of inspiring confidence. Following the year-end, it had helped raise over £1.25m for the Bowelbabe fund for Cancer Research UK by donating all profits from both the original collection and a range of Rebellious Hope T-shirts which Deborah designed.
Sam Perkins joined the company as Chief Executive Officer in January 2022 allowing Adam Frisby to focus on leading the Group’s creative direction in a new role as Chief Brand Officer. Richard Monaghan joined the Company in March 2022 as Chief Financial Officer following Paul Masters decision to retire.
Q1 2023 trading
Trading through Q1 2023 has been robust in a challenging trading environment. Through the first quarter of the financial year the business has launched 44 ranges in collaboration with 18 influencers. It has seen year-on-year revenue growth in its DTC channel of +12 per cent. This includes revenue generated from the collaborations with Dame Deborah James, the profits of which will go to the Bowelbabe fund for Cancer Research UK.
Sam Perkins, Chief Executive Officer of In The Style Group plc said: “I am pleased to report that in our first full year as a public company In The Style has delivered further strong revenue growth, representing almost +200 per cent on a two-year basis. This has been supported by encouraging improvements across all our key customer and brand metrics.
“Our purpose is to inspire confidence, and this drives us to create unique products that help our customers to feel great about themselves. We have a strong, inclusive brand and differentiated influencer collaboration model which gives us fantastic reach, highly effective marketing, and broad customer appeal. This underpins our long-term confidence to create one of the UK’s most exciting fashion brands.
“This year is expected to be a challenging one for consumers and retailers. We are taking actions to respond including prudent cost control, cash management and executing against our refined growth strategy.”