Womenswear brand Sosandar bought for £6 million
Sosandar, an online womenswear brand launched in September 2016, has been acquired for more than £6 million by AIM-listed company Orogen.
The brand was founded by Alison Hall and Julie Lavington, who have previously worked as editor and publishing director of high street fashion and celebrity style magazine Look.
It is aimed at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic.
Sosandar launched on 19 September 2016 following ten months of preparation, and saw gross sales grow to £847,000 and net sales reach £478,000 in its first eleven months of trading until the end of July 2017.
The company has also consistently increased its subscriber base and received positive media coverage in the national press and on TV, which has helped to grow its brand awareness in the marketplace.
It has identified Asos, Boohoo, Mint Velvet, Net-A-Porter and Missguided as its main online competitors.
Adam Reynolds, chairman of Orogen, said: "Sosandar is well-positioned to benefit from the rapidly expanding online women's fashion market and we believe will deliver value for shareholders having recognised an underserved segment of the market.
"Sosandar's management team has extensive experience with the fashion sector, a solid understanding of their target demographic and is well-connected with the fashion and media industries. Since its inception in 2016, Sosandar has quickly established itself and is already creating a stir in the fashion industry.”
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