Sosandar, a relatively recent entrant into the competitive industry of online retail, will potentially float on London’s AIM, in a £5.3m IPO by way of a reverse takeover.
The Cheshire-based ecommerce company, which was founded by Ali Hall and Julie Lavington, is targeting wealthier women. The idea is to sell to women who have previously bought clothes from alternative online retailers such as Asos, but are now looking to spend more on higher-quality clothing.
However, Sosandar has only been trading for one year and as of now does not hold a huge amount of stock, meaning they are still yet to have the same impact as Asos, BooHoo and Quiz. Despite this, Lavington has claimed that the business is matching the margins of Asos and BooHoo and expects these margins to further improve as the business develops.
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The company is following in the footsteps of the aforementioned Asos, BooHoo and Quiz by floating on AIM and the owners are hoping to raise £5.3m with the float. Funds raised at IPO will be spent on buying an increased amount of stock and on marketing, they are looking at advertising on TV in the future.
The company has previously raised £2m in funding from around 40 sophisticated investors and high-net worth individuals). These investors will vote on whether or not to approve the IPO on Wednesday 1st Novemeber, so keep your eyes peeled for more information.