// In The Style makes solid progress in its long-term growth strategy
// The retailer has completed a restructuring of its marketing, technology and product departments
In The Style has made solid progress in its long-term growth plan after revealing earlier this year that it was revamping its business model to increase profitability.
The online retailer said at its AGM on Friday that the value of orders for the collection launch was one of the largest it had seen all year.
The own-brand staples range also marked a step away from its traditional influencer campaigns and will bring in more sales opportunities.
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The retailer said it has also completed a shift of its operations to a bigger and more efficient warehouse where it expects to cut costs.
Work has included moving the company’s operations to a new, larger 84,000sq ft warehouse which is now fully operational.
In The Style said it has completed a restructuring of its marketing, technology and product departments to increase operating efficiencies from October.
The company has also made progress in optimising stock buys in line with its focus on growing the proportion of full price sales. In addition, it has completed a restructuring of its marketing, technology and product departments to increase operating efficiencies.
In The Style said it is continuing to manage cash carefully and that its invoice discounting facility remains undrawn with £800,000 of liquidity available.
“We have made solid progress against the group’s refined long-term growth strategy outlined at our FY22 results in July,” In The Style chief executive, Sam Perkins said.
“Notable highlights have included the launch of our own-brand collection called FITS to a very encouraging customer reaction, as well as several important operational milestones including the move to a more efficient and scalable warehouse.
“As has been widely reported, the trading environment is a challenging one for both consumers and retailers.
“The launch model and our position as a pure-play online retailer allows us to respond quickly to changing consumer behaviour, whilst not losing sight of achieving In The Style’s long-term potential as one of the UK’s most exciting fashion brands.”