Sosandar plans to open physical stores for the first time when shoppers hit the High Street. The women’s fashion retailer’s online stores will open in spring 2024.
The AIM-listed company said there was clear evidence that consumers are “increasingly shopping on the high street” in the wake of the pandemic.
He also highlighted the success of partnerships with companies such as Next, Marks & Spencer and Sainsbury’s.
Brick-and-mortar stores: Sosander said there was clear evidence that consumers are “increasingly shopping on the high street” in the wake of the pandemic.
But shares fell 31 per cent, or 5.5p, to 12.5p as it warned its plan to move away from discounts and “significantly” reduce promotions will hit sales in the short term.
It also reported half-year losses of £1.3m despite a 6 per cent rise in sales to £22.3m.
Sosandar said its stores would be funded by existing cash in “prosperous cities with prosperous high streets”.
Co-chief executives Ali Hall and Julie Lavington said: “We are very excited.
Our decision is the next logical step as we look to offer more ways to interact and shop with Sosandar.
‘We know that the added value of being able to touch and feel our clothes will be attractive. ‘