High Street

In The Style profits soar 22%

The company said its revenue growth was driven by the ‘ongoing expansion and optimisation of the influencer-based business model’

In The Style Group has revealed its gross profit grew 22% to £25.2m for the year ended 31 March 2022, compared to £20.6m in 2021.

Meanwhile group revenues increased by 28% to £57.3m, and direct-to-consumer revenue grew by 23% to £44.7m.

The company said its revenue growth was driven by the “ongoing expansion and optimisation of the influencer-based business model”.

Furthermore, wholesale revenues increased by 52% to £12.6m, and it posted an adjusted EBTIDA for the year of £0.6m.

Going forward, the company said it is planning for group revenues to be broadly flat, with DTC revenue growing at mid-single digit rates, and is forecasting an adjusted EBITDA loss for the year of £2.0m.

Sam Perkins, chief executive officer of In The Style Group plc, said: “I am pleased to report that in our first full year as a public company In The Style has delivered further strong revenue growth, representing almost +200% on a two-year basis. This has been supported by encouraging improvements across all our key customer and brand metrics.

“Our purpose is to inspire confidence, and this drives us to create unique products that help our customers to feel great about themselves. We have a strong, inclusive brand and differentiated influencer collaboration model which gives us fantastic reach, highly effective marketing, and broad customer appeal. This underpins our long-term confidence to create one of the UK’s most exciting fashion brands.”

He added: “This year is expected to be a challenging one for consumers and retailers. We are taking actions to respond including prudent cost control, cash management and executing against our refined growth strategy.”

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