Online fashion retailer Sosandar receives vote of confidence after veteran rag commerce investor Bill Currie throws his weight behind firm
In demand: Sosandar beat its goal in a current fundraising
Online fashion retailer Sosandar has acquired a vote of confidence after veteran rag commerce investor Bill Currie threw his weight behind the corporate.
Currie, 61, is a former star City analyst who made his identify as an early backer of online retailers together with Asos, Boohoo and THG.
He has been constructing a stake in Sosandar over the previous 12 months and took half in a current fundraising.
Currie and his household funding agency now have a 3.5 per cent holding – price round £2 million – within the £58 million agency.
‘We’ve identified the corporate for some years,’ Currie stated. ‘But we began shopping for in a a lot larger means within the final 12 months as soon as we might see the pathway to profitability.
‘I believe what they get proper is rule certainly one of retail, which is: know your buyer.’
Sosandar was arrange in 2016 by Ali Hall and Julie Lavington, who had labored at fashion journal Look for ten years. They based the agency after listening to odd girls say they might not discover stylish and female garments. The pair listed it on AIM in 2017.
Although gross sales dipped throughout the pandemic, the corporate has now posted a revenue for the previous 5 quarters. Revenues rose 30 per cent within the three months to December.
It has signed online partnerships with Next, John Lewis and Marks & Spencer, and, underneath a take care of Sainsbury’s, its garments will seem in shops for the primary time this 12 months.
The firm aimed to lift a minimum of £4 million by way of the fundraising, however enormous demand meant it netted £5.4 million.
