Sosandar admitted to trading on AIM

Online women's fashion retailer Sosandar has announced its admission to trading on AIM on Thursday following the reverse takeover of Thread 35.

Sosandar said it had successfully raised £5.3m through a placing of 35.1m ordinary shares at an issue price of 15.1 pence per share, to fund further expansion of its current product pipeline, raise brand awareness and to grow the enlarged group.

Thread achieved total gross sales of £847,000 and net sales of £478,000 over the 11 months ended 31 July.

Launched in September 2016, Sosandar, the brainchild of the former Look magazine editor Ali Hall as well as former Look and InStyle publishing director Julie Lavington, was targeting a market segment with an estimated worth of £3.7bn for the year ended December 2016.

Ali Hall Co-Founder and Joint CEO commented: "Sosandar has truly resonated with a new generation of fashion conscious women looking for chic, trend led, quality but affordable clothes. The Sosandar team is very excited by the opportunities ahead."

While Julie Lavington Co-Founder and Joint CEO added: "Today's announcement coupled with this significant investment heralds a very exciting time for the brand. Sosandar intends to expand its market share in the already large and successful, yet still growing online fashion market. Investment will be used to further extend the product range and develop brand awareness amongst potential customers."