Sosandar hits annual profits for first time
Womenswear brand Sosandar has recorded its first full year of profitability.
In the year ending 31 March 2023, the retailer delivered a profit before tax of £1.6m, up from a loss of £0.6m the previous year.
Sosandar’s revenue also grew by 44% to £42.5m, as it continued to benefit from third-party partnerships.
The retailer said its trading through retailers such as Next and Marks & Spencer had been extremely strong, while the initial rollout of its partnership with Sainsbury’s has performed “in line with expectations”.
It expects to complete the in-store rollout of its curated collection in Sainsbury’s stores by September.
The retailer said it had accelerated its investment in strategic growth initiatives following a successful fundraising of £5.5m in January 2023.
Sosandar said it had made a strong start to the first quarter of the current financial year, with revenue of £11.4m, up 10% against a the previous year’s comparative.
Ali Hall and Julie Lavington, co-CEOs of Sosandar, said: “We are delighted to report on what has been a transformational year for Sosandar. Despite the challenging macroeconomic backdrop, we have seen increasing demand for our products across all categories with strong trading across both Sosandar.com and through our third-party partners.”
“Our third-party partnerships continue to perform extremely well and we were delighted to become an omnichannel retailer through our partnership with Sainsbury’s. The partnership will accelerate growth in our market share and the awareness of our brand as we provide our large but underserved demographic with more opportunities to purchase our unique and diverse products”, they added.