Sosandar has reported its first full year of profitability after revenues increased 44%.
In the financial year ended 31 March 2023, the online retailer, reported £42.5 million in turnover, compared with £29.5 million in the same period last year.
Profit before tax was at least £1.6 million, the company revealed, versus a loss of £600,000 the year before.
The company, which sells through its own channel as well as partners including John Lewis, Marks and Spencer, The Very Group, Next and JD Williams, revealed a 22% rise in the number of orders.
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The company stated that its average order value was up 8% to £97.27, compared with £90.39 in the same period last year.
The retailer also added that it saw 148,382 new customers and 472,595 orders from previous customers, equalling around 620,977 orders.
The number of active customers also increased by 19% to 264,832.
Performance of third-party partners continued to go from “strength to strength”, Sosandar claims, with the successful launch with Big 4 grocer Sainsbury’s in Q4 FY23.
In January, the company revealed its partnership with Sainsbury’s to sell curated collections via the grocer’s website.
Through this wholesale agreement, a selected range has begun to be sold online in March with promising results.
“We are delighted to be reporting a milestone year. Sosandar has grown from a true startup business just six years ago to a brand which is delivering multi-million-pound revenue and is profitable,” Sosandar co-CEOs Ali Hall and Julie Lavington said.
“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 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.”
Image credit: Sosandar
