Wilmslow-based fashion firm Sosandar plc published a trading update for its financial year ended March 31, 2023, showing revenue up 44% to £42.5 million and a first full year of profitability.
Sosandar, run by former magazine publishers Ali Hall and Julie Lavington, said it will deliver profit before tax of at least £1.6 million, a substantial positive swing of £2.2 million versus a loss of £600,000 in FY22.
“Number of orders increased by 22% to 620,977 of which 148,382 were from brand new customers and 472,595 were from existing customers …” said Sosandar.
Average order value was up 8% to £97.27 and the number of active customers increased 19% to 264,832.
Sosandar, reported net cash of £10.5 million following a successful equity fundraise of £5.5 million.
Co-CEOs Hall and Lavington said in a statement: “We are delighted to be reporting a milestone year. Sosandar has grown from a true start-up business just six years ago to a brand which is delivering multi-million-pound revenue and is profitable.
“This growth has been delivered against a backdrop of highly challenging macro-economic conditions and our sustained performance against this backdrop is testament to how well our product resonates with our customers.
“We are incredibly proud to have Sosandar clothes now being sold in the UK’s biggest retailers, and we have now built the infrastructure to start serving our target customers internationally. We would like to thank all of our team for their hard work and dedication, this performance wouldn’t have been possible without them.
“We continue to invest in and expand our product range, offering our customers an even greater selection of on-trend, affordable, long lasting, lifestyle appropriate clothes.
“We are already seeing strong demand for our fast-tracked ranges of summer occasionwear as well as beach and swimwear.
“In addition, our performance with selected third-party partners continues to go from strength to strength and we were delighted to secure a new partnership with another renowned British retailer, Sainsbury’s.
“This partnership has elevated our strategy from pureplay to an omnichannel brand and will enable us to provide our large but underserved demographic with more opportunities to purchase our unique and diverse products.
“While the macro-economic environment remains challenging, and we remain highly vigilant, we continue to demonstrate that our differentiated model is capable of achieving sustained profitable growth.
“We remain confident in the long-term opportunity for Sosandar, as reflected in Q4 FY23 in the acceleration of our investment in the next stage of our development.
“We see a number of opportunities for further growth both on our own site and through our third party partners in the coming months and beyond as we continue to move forward with our objective to make Sosandar one of the largest womenswear brands globally.”