The successful launch of a wardrobe staples collection has given online fashion retailer In The Style a major boost, prompting the company to say this morning it is making solid progress in its growth plan.
The own-brand staples range marked a step away from its traditional influencer campaigns and will bring in more sales opportunities, In The Style said.
The digital brand told shareholders at its annual general meeting this morning that the value of orders for the collection launch was one of the largest it had seen all year.
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.
However, the business sounded the alarm over the challenging trading environment that has affected both consumers and retailers.
Inflation in the UK hit double figures earlier in the summer, which has squeezed household budgets and put pressure on some retailers to raise prices.
But being an online-only fashion retailer means the group can more quickly and easily react to changing consumer behaviour, according to bosses, suggesting it can alter stock or promotions to meet demand.
Sam Perkins, chief executive of In The Style, said: “We have made solid progress against the group’s refined long-term growth strategy outlined at our financial year 2022 results in July.
“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.”