19 September 2018
Bill Murray, Non-Executive Chairman of Sosandar plc, the online women's fashion brand, will provide the following update to shareholders attending the Annual General Meeting ("AGM") of the Company, being held today at 11.00am:
"I would like to welcome shareholders to the Company's first AGM.
Sosandar has achieved a great deal in the time since its admission to trading on AIM in November 2017 and the Board is delighted with the continued progress being made in all areas of the business.
I am pleased to confirm that the momentum outlined in our Final Results Statement in July continued through the summer months, with significant progress across KPIs and without the need for extended discounted promotional activity. Autumn has begun well with further expansion of the product range and strong trading across all product categories. We have been particularly encouraged with the performance of higher ticket items such as coats and leather goods.
Focused customer acquisition activities across all channels have become increasingly efficient whilst continuing to drive demand for our chic and fashion-forward products. We are particularly pleased by the levels of PR achieved, with Sosandar products being worn by an ever-increasing number of high-profile celebrities and fashion influencers. This serves to both drive sales and enhance brand awareness, complementing our investment in digital and direct marketing.
We have also made operational advancements including working with our partner, Clipper Logistics, to move to a seven day a week service and upgrading our e-commerce platform to Magento 2. Both of these investments demonstrate our commitment to building for growth whilst providing the best customer experience. These will, in turn, provide our growing number of repeat customers with improved delivery options and increased functionality as we continue to scale.
We are very pleased with trading so far during the year which has been in line with management's expectations and we look forward to updating on the first six months of our financial year to 30 September 2018 in due course."
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About Sosandar PLC
Sosandar is an online womenswear brand, specifically targeted at a generation of women who have graduated from throwaway fashion and are looking for quality, affordable clothing with a premium, trend-led aesthetic. This is a section of the market that is currently being underserved.
Sosandar was launched in September 2016. The Sosandar business model is built around using trend-led, exclusive designs produced in-house and then manufactured using a variety of global suppliers. Sosandar caters for a growing market of fashion conscious women, while utilising an outsourced logistics provider that can support its planned growth over the coming years.
Sosandar's founders are Ali Hall and Julie Lavington, who previously launched and ran high street fashion magazine Look, as editor and publishing director respectively. They have a combined experience of over 35 years in the fashion industry, including in the design, manufacture and sale of fashion ranges for some of the UK's high street retailers, including Debenhams, Office, Oasis and JD Williams.
More information is available at www.sosandar-ir.com
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