Online women’s fashion brand raises £3m through share placing
An online women’s fashion brand has raised £3m through a share placing.
Sosandar, which is based in Cheshire, has raised the money to support its ambitious growth plans.
The firm was launched by Julie Lavington and Ali Hall – the founders of the fashion magazine Look.
The business is aimed at affluent, professional women who have moved away from cheaper alternatives and are looking for high quality clothing.
The clothes sold by Sosandar have already been by worn by high profile actresses, TV presenters, sports stars and social media influencers.
The company raised the £3m through a placing arranged by Shore Capital of 9,375,000 new ordinary shares.
The move comes almost a year after it started trading on AIM.
Since then, the board believes Sosandar has “traded strongly and is successfully executing on its stated strategy”.
Joint chief executives Julie Lavington and Ali Hall issued a joint statement.
The statement said: “The placing price is at a very significant premium to our IPO in November 2017, which we believe reflects the significant ongoing progress of the company and its future prospects.
The business is well positioned to continue its growth and we look forward to the future with confidence.”
Sosandar also gave an update for the half-year.
The firm expects to report revenue for the period of £1.84m, a 407% increase against the same period in 2017.
The statement added: “The business has made substantial progress over the first six months of the year and we are delighted to have delivered such strong growth in revenues, orders and new customers.
“Our clothes have become a mainstay in our customers’ wardrobes – including celebrities – and we are proud that our garments are being worn by high profile actresses, TV presenters, sports stars and social media influencers.
“At the same time, we have been able to make key operational progress that will further enhance the customer experience and have increased the efficiency of our marketing spend.
“Momentum has continued into the important autumn/winter period and we look forward to the rest of the year confidently.”
