In The Style profits hit by supply chain issues and higher return rates
Profits at online fashion brand In The Style have been impacted by industry-wide supply chain disruption as well as a higher return rates compared to the previous year.
The Manchester-based influencer brand said while it expects the disruption to continue for the remainder of the year, it has experienced strong sales through the Black Friday weekend and into the festive season.
Reporting results for the six months to 30 September 2021, the In The Style saw revenues grow 38.8% to £29.8m, up from £21.5m for the same period in the prior year.
Pre-tax profits decreased to £900,000, down from last year’s £1.8 million but faring batter than 2020 when it declared a loss of £900,000.
During the period the group welcomed 243,000 new customers, a growth of 3.8% year on year. It also saw sales growth in the group’s more inclusive size ranges, which is being addressed through increased investment in product and garment technology and fitting.
The retailer launched 10 new influencer partnerships, including singer and TV personality Stacey Solomon, whose debut collection was amongst the most popular in the brand’s history.
It has also expanded its wholesale partnerships including the nationwide 100 store launch with ASDA.
Management changes saw Sam Perkins appointed as CEO and founder Adam Frisby as Chief Brand Officer, “positioning the business to deliver the next stages of its long-term growth ambitions.”
Adam Frisby said: “In The Style has continued to deliver very strong sales growth and strategic progress during the first half of the financial year.
“The business has continued to build on its exceptional growth in the prior year, despite the reopening of physical retail and lifting of social restrictions during the Period, which reflects the strength of our brand and our truly differentiated influencer collaboration model.
“During the period we continued to expand the business with the launches of a number of exciting influencer partnerships, as well as successfully developing the Group’s growing wholesale channel through the launch of our partnership with ASDA.
“Whilst the global supply chain and freight disruption that has impacted across the industry is expected to persist for at least the remainder of the year, we are pleased to report that the strong sales performance achieved during the first half has continued through Black Friday and into the festive trading period so far.
“With this momentum, coupled with recent investment into our scaled-up operational and senior management teams, we look forward to continuing In The Style’s exciting growth and achieving our long-term vision for the brand.”
