In The Style is undergoing significant changes in response to financial challenges, striving to stabilize operations before its London Stock Exchange return.
- The fashion retailer reported a reduced pre-tax loss for the recent fiscal year compared to the previous year.
- Revenue substantially decreased, reflecting a notable drop in UK sales and overall turnover.
- In a move to cut costs, the company has significantly reduced its workforce.
- The founder of In The Style, Adam Frisby, stepped down, marking a pivotal change in leadership.
In the face of mounting financial challenges, In The Style is making crucial adjustments as it braces for a return to the London Stock Exchange. The company reported a smaller pre-tax loss of £2.6 million for the year ending March 31, compared to a £7.7 million loss the previous year. Despite this improvement in losses, the fashion retailer’s revenue dropped significantly, falling from approximately £46 million to £30.4 million. The UK sales reflected this downturn, dropping from £42.7 million to £29 million.
To address these financial setbacks, In The Style has implemented strategic cost-cutting measures. One major step has been the reduction of its workforce, with employee numbers falling from 179 to 140. This reduction is part of a broader effort to lower operational overhead by investing in automation and simplifying tasks through strategic prioritization.
Leadership changes have also marked this period of transformation for In The Style. Adam Frisby, the founder, announced his departure from the company via Instagram, expressing a “heavy heart” over his decision to leave. Frisby had previously returned to the CEO role after the company was sold to Baaj Capital earlier in the year, a move aimed at preventing administration and steering the company back to profitability. Frisby’s exit signifies a notable leadership shift for In The Style at a critical juncture.
In The Style’s current initiatives reflect a strategic response to financial pressures as it plans for future stability.
