LONDON — January 22, 2024 — While economic uncertainty and a mixed festive season have many businesses bracing for a challenging 2024, Sheep Inc. is resisting the trend. The high-end, sustainable knitwear brand achieved a remarkable 115 percent year-over-year revenue increase in Q4 2023.
“Our Q4 results stand as a powerful testament to the strength of our brand mission and commitment to conscious consumerism,” declared Michael Wessely, co-founder at Sheep Inc. “Despite navigating uncertain headwinds, we witnessed a surge in demand for our high-quality, sustainable garments, proving that consumers increasingly prioritize value, ethics, and responsible choices alongside affordability.”
Sheep Inc.’s success perfectly aligns with a growing shift in consumer behavior, as predicted by recent economic forecasts. Reports suggesting “buy better and buy less” trends resonate deeply with the brand’s core values. Ethical sourcing, timeless designs, and a focus on quality over quantity — these principles are driving Sheep Inc.’s impressive growth and resonating with a growing segment of conscious consumers.
Key highlights of Sheep Inc.’s Q4 performance:
- Revenue soared 115 percent compared to Q4 2023, significantly exceeding internal targets by 23 percent.
- Strong performance in the US market, making up more than 40 percent of all sales.
- Average order value (AOV) climbed 43 percent over the past two years.
- Highly profitable marketing ROI, fuelled by innovative use of generative AI.
- Peak daily sales reached up to £50,000.
Looking ahead, Sheep Inc. is poised for continued expansion in 2024. Planned product launches in new categories, including outerwear, will broaden their reach while staying true to their vision. By prioritizing quality, sustainability, and conscious consumerism, Sheep Inc. has not only achieved remarkable success but also paved the way for a more mindful and responsible future of fashion.
“We’re incredibly excited about the momentum we’ve built,” Michael concluded. “In 2024, we look forward to continuing to offer our customers exceptional, ethically-made garments while expanding our reach and solidifying our position as a leader in the industry moving towards more ethical and sustainable business models.”
Posted: January 23, 2024
Source: Sheep Inc.
