In The Style delivered a very strong performance during the year to 31st March ’21, with its expected turnover to be no lower than £44.5m, representing a year on year increase of more than 130 per cent. The business was admitted to the London Stock Exchange AIM on 15th March ‘21.
During the period, new customer generation increased by 19 per cent to 420,000, driven by the growing appeal of the In The Style brand and its influencer partners, and excellent customer demand for its product proposition. Excluding the impact of the hugely successful Be Kind charity campaigns launched in February 2020 and February 2021, underlying new customers increased by 59 per cent.
Sales through the proprietary In The Style App increased by more than 400 per cent during the year. The app, which gives customers early access to collection launches and drives greater customer engagement and conversion, represented 55 per cent of total sales for the Period, this compares to 19 per cent for the prior year.
Following the Period end, the Group has continued to progress against its long-term growth strategy. In April, the Group announced one of its largest ever partnerships, with TV personality and influencer Stacey Solomon. The announcement of Stacey’s debut In The Style collection was very well received by customers and the initial reaction to the launch on 27 April 2021 has been very positive.
In April the Group also signed a partnership with Asda, which will see In The Style introduce selected ranges to approximately 100 Asda stores across the UK in the first quarter of FY22.
Adam Frisby, CEO and founder of In The Style, commented:
“We have maintained our strong momentum since our successful IPO and delivered a very good performance for the year. I’d like to take this opportunity to thank our partners, colleagues and customers for their continued support of the brand during what has been a transformational year for In The Style.
“In The Style continues to do things differently by ensuring we empower our customers to be brave, embrace body confidence and, most of all, love themselves for who they are. Our collaboration model creates a strong customer connection, drives highly efficient customer acquisition marketing metrics, and gives us exposure to a broad range of customers. The success of this model has been highlighted since the year end by our exclusive partnership with Stacey Solomon. The collaboration with Stacey is one that we are really proud of and the hugely positive reaction to the launch of her maiden collection on 27 April underpins our confidence that this would generate an amazing reception from our customers and Stacey’s followers. In addition, our nationwide partnership with Asda is also really exciting for the brand and will give In The Style fantastic levels of exposure and greater reach with our customers.
“We look forward to building on this momentum into FY22 to deliver our growth plans and create further value to all stakeholders”