In the Style makes “solid progress” in its strategy to grow sales more profitably – Internet Retailing

In the Style says it is making “solid progress” in its strategy to grow sales more profitably. The social influencer-focused retailer says its pureplay status means it is well placed to respond quickly to changing customer demand in a tough economy.

In July, the retailer, ranked Top150 in RXUK Top500 research, reported full-year sales growth but a pre-tax loss as costs rose. Now, he says he’s revamping his model to manage cash and increase profitability. The company, which markets itself as a fashion disruptor, operates through launches of clothing lines in collaboration with social media influencers.

In a AGM Bargaining Statement Today, In the Style says its actions include moving its operations to a larger 84,000 square foot warehouse. It now expects the new site to give it the capacity for future growth, while reducing its unit distribution costs.

He has launched a collection of wardrobe staples from his own brand, FITS, and says the launch has given him one of the highest levels of launch day orders so far this year. The brand, she says, will give her additional ways to reach customers and increase sales outside of her usual influencer-led launch cycle.

And it focused on how it buys stock, with the aim of increasing the proportion of full-price sales, while restructuring its marketing, technology and product departments to achieve operational efficiency from October 2022. As of September 21, he was £4.3. m in cash, following one-time costs of £0.6m related to the warehouse move. Its bill discounting facility, which makes £0.8m available, is still available.

Sam Perkins, Managing Director of In the style, said: “We have made solid progress against the group’s refined long-term growth strategy outlined in our FY22 results in July. Notable highlights include the launch of our own brand collection called FITS, which has received a very encouraging response from customers, as well as several operational milestones including the move to a more efficient and scalable warehouse.

“As has been widely reported, the business environment is challenging for both consumers and retailers. The launch model and our position as a pure online retailer allow us to react quickly to changing consumer behavior, without losing sight of In The Style’s long-term potential as one of the UK’s most exciting fashion brands.

In the Style is ranked Top250 in the RXUK Top500 search.

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