Sosandar revenues to surge to record levels

Online womenswear retailer Sosandar hailed a ‘milestone year’ as it revealed it is set to achieve record sales – ahead of market expectations.

The group expects to report revenues of £29m for the year ending 31 March 2022. That’s up 138% year on year.

EBITDA loss has also reduced over 80% from a loss of £2.9m in the previous year.

The number of orders in the period increased 84% to more than 500,000 while repeat orders have also surged by 93%.

The AIM listed retailer, which also sells products through chains such as John Lewis and Marks & Spencer, added that its performance was down to its product offering and increasing brand awareness across its target market.

The strategy to accelerate sales growth on Sosandar.com and through the company’s concession partners ‘has been executed to plan with a very strong sales,’ the group said.

The company has also increased inventory levels throughout the year to support the rising demand across Sosandar’s own site as well as third party retail sites.

Q3’s strong sales of the autumn/winter range, including partywear, has been followed by an earlier than normal take up of spring and holiday ranges in Q4. 

Sosandar also revealed it has extended its relationship with Next PLC, with Sosandar products to be sold through Next’s ‘Platform Plus’.

In addition, following an approach by The Very Group, Sosandar is pleased to have commenced a wholesale agreement from March 2022. 

Ali Hall and Julie Lavington, Co-CEOs said: “This has truly been a milestone year for Sosandar, and we are delighted with what the team has achieved over the past 12 months.

“We successfully executed our strategy across own site and third parties, building momentum in H2 and ultimately delivering our first six months of profitability which is a pivotal moment for us all.

“This outstanding performance means we now anticipate FY22 results to be ahead of current market expectations.”

They added: “Our success is testament to what we have achieved as a business to date, further endorsing the strong and ever-growing appeal and quality of the Sosandar brand.

“We are also incredibly proud Sosandar is capturing the hearts of fashion-forward women and are delighted to add The Very Group to our family of partners.

“Despite the continuing uncertainty in the wider environment, our confidence in the outlook for Sosandar is undiminished and, reflecting our trading momentum, we plan to further accelerate our growth in the new financial year and beyond.”