In The Style Group, a digital women’s fashion brand, has released a positive trading update ahead of its Annual General Meeting (AGM). The update showcases the company’s progress in achieving its strategic priorities and increasing profitability. The brand’s focus on re-engineering its business model and effectively managing its cash position has resulted in a current net cash balance of £4.3 million. This demonstrates the company’s commitment to financial stability and sets a strong foundation for future growth.

One of In The Style’s notable achievements is the successful launch of its own collection called ‘Fits’. This collection consists of essential wardrobe staples and has generated a significant amount of gross order value. This success has allowed the company to increase its sales outside of its traditional influencer campaign launch cycle. By diversifying its revenue streams, In The Style is positioning itself for long-term success in the highly competitive fashion industry.

Additionally, the brand has made significant progress in optimizing stock purchases to increase the proportion of full-price sales. By carefully managing its inventory and strategic pricing, In The Style expects to see an improvement in its gross margin starting from October 2022. This focus on maximizing profitability highlights the company’s commitment to delivering value to its stakeholders.

To further improve overall performance, In The Style has recently completed a restructuring of its marketing, technology, and product departments. This strategic adjustment aims to enhance operational efficiency and ensure that the company is well-equipped to meet the evolving demands of the market. CEO Sam Perkins expressed satisfaction in the company’s progress and emphasized that they have achieved solid milestones according to the long-term growth strategy outlined in their FY22 results.

In acknowledging the challenging trading environment for both consumers and retailers, Perkins emphasized how In The Style’s online retail and launch model allows them to quickly adapt to changing consumer behavior. This flexibility positions the brand to navigate the ever-changing landscape of the fashion industry while still pursuing its long-term potential as one of the UK’s most exciting fashion brands.

In their previous statement in July, In The Style reported strong revenue and gross profit growth for the year ending in March, despite facing a net loss and anticipating difficult market conditions. The company’s ability to maintain revenue growth in the first quarter of the current financial year (April-June), with a 12% increase in revenue through its direct-to-consumer channel, indicates its resilience and adaptability in the face of challenges. Moreover, the brand has seen improved customer Key Performance Indicators and expected return rates, further demonstrating its ability to attract and retain customers.

In summary, In The Style Group’s recent trading update highlights the company’s progress in achieving strategic priorities and increasing profitability. Through re-engineering its business model, optimizing stock purchases, and successfully launching new collections, In The Style aims to maintain its position as one of the UK’s top fashion brands. By responding to changing consumer behavior and navigating the challenging trading environment, the brand remains committed to pursuing long-term growth and delivering value to its stakeholders.

Useful Links:
In The Style Official Website
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