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Sosandar revenues up 407%

Women’s online retailer Sosandar said it expects revenues for the six months to 30 September to increase 407% year on year, to £1.8m.

It also expects gross margin for the period to be 55%, compared with 46% in the first half of 2017.

The business reported its number of new customers had increased 362% during the period year on year.

Order numbers reached 43,979, compared with 8,049 in the same period last year, and the average order value increased to £105.42.

It said that strong sales through the summer months and into early autumn led to record monthly revenues in September. All categories performed well, including higher-value items such as coats and leather.

Sosandar also announced this morning that it has raised £3 million through a placing with institutional investors, with the proceeds to be used to support its ongoing growth plans, following its initial floating on the London Stock Exchange’s Aim market last November.

Ali Hall and Julie Lavington, joint CEOs, said: “The business has made substantial progress over the first six months of the year, and we are delighted to have delivered such strong growth in revenues, orders and new customers.

“At the same time, we have been able to make key operational progress that will further enhance the customer experience and have increased the efficiency of our marketing spend. Momentum has continued into the important autumn period and we look forward to the rest of the year confidently.”

Sosandar pointed to its content-driven marketing strategy across digital and print media platforms, plus investment in data analysis to provide better targeting and more personalised engagement with customer as drivers of its growth. The etailer has also moved to a seven-day logistics service and upgraded its ecommerce platform.

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