In The Style makes ‘solid’ progress on long-term growth strategy
Online fashion retailer In The Style has given a trading update ahead of its AGM in Manchester this morning.
The company announced earlier this year that it was revamping its business model to increase profitability and manage its cash position. It now says it has made significant progress in its long-term growth strategy.
Work has included moving the company’s operations to a new, larger 84,000 square foot warehouse which is now fully operational. It has also launched a new collection of own-brand wardrobe staples called FITS, which will provide new opportunities to engage with customers and increase sales outside of In The Style’s traditional influencer campaign launch cycle.
The company has also made progress in optimising stock buys in line with its focus on growing the proportion of full price sales. In addition, it has completed a restructuring of its marketing, technology and product departments to increase operating efficiencies.
In The Style said it is continuing to manage cash carefully and that its invoice discounting facility remains undrawn with £0.8 million of liquidity available.
Sam Perkins, chief executive of In The Style, said: “We have made solid progress against the group’s refined long-term growth strategy outlined at our FY22 results in July. Notable highlights have included the launch of our own-brand collection called FITS to a very encouraging customer reaction, as well as several important operational milestones including the move to a more efficient and scalable warehouse.
“As has been widely reported, the trading environment is a challenging one for both consumers and retailers. The launch model and our position as a pure-play online retailer allows us to respond quickly to changing consumer behaviour, whilst not losing sight of achieving In The Style’s long-term potential as one of the UK’s most exciting fashion brands.”