In The Style is navigating through challenging financial times, prompting significant changes.
- The fashion retailer posted a pre-tax loss of £2.6m for the financial year ending March 31.
- Sales revenue dropped notably from approximately £46m to £30.4m.
- The company’s workforce was reduced from 179 to 140 employees to cut costs.
- Founder Adam Frisby has stepped down amidst these strategic shifts.
In The Style, a notable player in the fashion retail sector, is making considerable adjustments amidst ongoing financial challenges. The company reported a pre-tax loss of £2.6 million for the year ending 31 March, a notable reduction compared to the previous year’s loss of £7.7 million. These figures indicate continued financial strain for the retailer as it prepares for its anticipated return to the London Stock Exchange.
The company’s revenue stream has seen a significant contraction, declining from nearly £46 million to £30.4 million. The reduction reflects a substantial decrease in market performance, compelling the business to reconsider its operational strategies. UK sales witnessed a comparable downturn, falling from £42.7 million to £29 million, further highlighting the challenges faced in its home market.
In response to these financial pressures, In The Style has taken decisive actions to streamline its operations. The headcount was reduced from 179 to 140 employees, a move aimed at curtailing operational costs. The company has focused on automating processes and eliminating task redundancies, indicating an effort to enhance efficiency and reduce expenditure in a challenging economic environment.
These strategic shifts coincide with organisational changes at the leadership level. Adam Frisby, the founder, formally exited his role in the organisation in September. Previously, Frisby had stepped back from his position as CEO in December 2023, only to return briefly when private equity firm Baaj Capital acquired the retailer in a bid to prevent its collapse. In a statement on Instagram, Frisby expressed his departure from the company as a decision made with a ‘heavy heart’, noting that the business has stabilised and returned to profitability.
Despite the setbacks, In The Style is undertaking comprehensive steps to regain financial stability and market presence.
