Serial fashion brand investor snaps up Sosandar shares
A former investor in the likes of THG, Boohoo and ASOS has snapped up shares in fashion label Sosandar.
Liverpool-based Bill Currie has acquired a 3.5% stake in the Wilmslow-headquartered company alongside his investment firm.
The move comes after Sosander raised around £5.4m in a bid to expand its range.
The company secured the funding boost through placing new stocks.
In a statement issued to the London Stock Exchange, the business said it intends to use the net proceeds of the placing “primarily to accelerate the execution of its omni-channel strategy through further investment in stock, enabling increased provision of Sosandar’s product range in-store with third party partners including Sainsbury’s from autumn winter 2023 onwards”.
It added that the net proceeds will also create “further balance sheet headroom to fast track other growth initiatives as well as enable accelerated investment in the company’s proven customer acquisition model”.
The retailer had only recently announced the Sainsbury’s deal that would result in its first move into physical stores. That news had sent its share price up sharply, making it a good time for the company to issue new shares.
The firm’s share price is up almost 20% in just the last month.
