Sosandar raises £7 million following sale of new shares
Online fashion retailer Sosandar has raised £7 million through a conditional institutional placing at a price of 15 pence per share.
The company will use the funds to pursue new opportunities including selling Sosandar’s clothes on third party websites.
Sosandar also plans to widen its product range and invest in acquiring new customers. It addition, the funds will help to expand its supplier partnerships and reduce the risk of relying on supplier credit to fund future growth.
Ali Hall and Julie Lavington, co-chief executives of Sosandar, said: “Our strong financial performance and high level of repeat orders demonstrates the demand for our products and loyalty of our existing customer base. We have considerable momentum in the business which we are excited to build on going forward.
“Several opportunities are in the pipeline which will further improve the Sosandar shopping experience and build awareness of the brand to new customers. We look forward to updating all shareholders on our progress in due course.”
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