Fashion retailer Sosandar, which sells its own brand principally via its website, has racked up sales of £42.5m for the year to 31st March ’23, on which it says it has generated a c.£2m profit. This compares with the £29.5m revenues generated with a loss of £600k for year ended 31st March ’22.
During the year the business had focused not only on driving sales via its own eCommerce channel but on generating profitable partnerships with other retailers. These include online ‘concessions’ with M&S, John Lewis, Next and Very as well as wholesale arrangements with N Brown. It had mounted aspirational TV advertising campaigns to grow awareness of its offering and to drive web traffic during the year.
Sosandar benefited from a 19 per cent rise in the number of active customers it serves and it increased order frequency by 3 per cent which saw just under 621,000 orders fulfilled, with 148,000 of these coming from new customers. Average order value had risen by 8 per cent to reach £97.27.
The business which was founded and is led by Ali Hall and Julie Lavington as co-chief executives who commented: “Our continued revenue growth has enabled us to reach a significant milestone in delivering another six months of profitability, achieving a substantial swing from a loss of £1.1m in the same period last year to a profit before tax of £0.1m for the current period.
“Pleasingly, throughout October and November, we delivered two record months of sales with this culminating in an extremely successful Black Friday period which saw a record number of visits to Sosandar.com and the strongest sales week on records for our third-party partners, with margins increasing compared with the first half of the financial year.”