Introduction to In The Style’s Financial Struggles

Friday 14 February 2025 9:03 am

In The Style was founded in 2013.

The Current State of In The Style

Fast-fashion retailer In The Style is on the brink of collapsing into administration two years after being forced into a rescue deal.

FTS Recovery is being lined up to oversee the potential administration of the company which was founded by Adam Frisby in 2013.

Background and History

The business was previously listed on the London Stock Exchange’s AIM but was sold in a fire sale to Baaj Capital for just over £1m in March 2023.

At the end of 2024, City AM reported that In The Style had slashed jobs in a bid to stem its losses amid continuing falling sales.

Financial Performance

The Manchester-headquartered fast-fashion retailer posted a pre-tax loss of £2.6m for the year to 31 March, 2024, down from the £7.7m loss it reported in the prior 12 months.

Its revenue was cut from £45.9m to £30.4m over the same period. The latest total was also down from the £57.3m it generated in 2022.

The company also reduced its headcount from 179 to 140 after taking “significant steps to reduce operational overhead by investing in automation, clear strategic priorities and the removal of duplication of task”.

Leadership Changes

The results came after founder Adam Frisby quit the brand in recent months.

Frisby set up the Manchester-based brand from his bedroom in 2013 and served as its chief executive for nine years before leaving the firm in January 2022.

But he returned as CEO in December that year and left the role again 12 months later.

Potential Takeover

In The Style has been in talks with London-listed Iconic Labs over a reverse takeover since March 2024.

Iconic Labs, which is headquartered in London, was established as Widecells Group in 2018 and was based in Manchester.

The company suspended the trading of its shares at the end of February 2024.

Conclusion

In The Style’s financial struggles are a significant concern for the fashion industry. The company’s potential administration and job losses are a reminder of the challenges faced by fast-fashion retailers in the current market. As the company navigates these difficulties, it is essential to consider the impact on employees, customers, and the industry as a whole.

Frequently Asked Questions

Q: What is happening to In The Style?

A: In The Style is on the brink of collapsing into administration due to financial difficulties.

Q: Who founded In The Style?

A: Adam Frisby founded In The Style in 2013.

Q: What were In The Style’s financial results for 2024?

A: In The Style posted a pre-tax loss of £2.6m for the year to 31 March, 2024, and its revenue was cut from £45.9m to £30.4m.

Q: Is In The Style in talks with another company?

A: Yes, In The Style has been in talks with London-listed Iconic Labs over a reverse takeover since March 2024.

Q: What is the current status of Iconic Labs’ shares?

A: Iconic Labs suspended the trading of its shares at the end of February 2024.