Sosandar plans to open physical stores for the first time as shoppers hit the High Street. The online women’s fashion retailer’s shops will open in spring 2024.
The AIM-listed company said there was clear evidence consumers are ‘increasingly shopping on the high street’ in the wake of the pandemic.
It also pointed to the success of partnerships with firms such as Next, Marks & Spencer and Sainsbury’s.
Physical stores: Sosander said there was clear evidence consumers are ‘increasingly shopping on the high street’ in the wake of the pandemic
But the 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 £1.3million despite a 6 per cent rise in sales to £22.3million.
Sosandar said its shops would be funded from existing cash in ‘affluent towns with thriving high streets’.
Co-chief executives Ali Hall and Julie Lavington said: ‘We are extremely excited.
Our decision is the logical next step as we look to offer more ways to engage and shop with Sosandar.
‘We know the added value of being able to touch and feel our clothes will appeal. ‘
