In The Style mulls sale as boss announces exit
8 December 2022, 10:54
Founder Adam Frisby, who had been chief until January this year, will return as group CEO on an interim basis.
In The Style is to consider a potential sale as the online womenswear retailer also confirmed its boss will leave at the end of the month.
The company told shareholders it could be sold as part of a strategic review, with investment banking company Lincoln International advising over the process.
It said it is currently not in talks with any potential suitor nor has it received any takeover approaches.
It came as In The Style also confirmed that current chief executive officer Sam Perkins will step down on December 31.
It said founder Adam Frisby, who had been chief until January this year, will return as group CEO on an interim basis.
Jim Sharp, chair of the business, said: “On behalf of the board, I would like to place on record my thanks to Sam for his contributions during his time as the group’s CEO.
“Adam is excited to return to the role of CEO at this important time.
“As the group’s founder and major shareholder, Adam is well placed to lead the business and ensure it delivers its considerable potential.”
On Wednesday, the retailer also confirmed it slipped to a £3.1 million pre-tax loss for the six months to September, dropping from a £0.89 million profit over the same period last year.
It said the swing was driven by rising costs and a fall in revenues.
Revenues declined by 11% to £26.5 million for the half-year, driven by a 45% fall in sales across its wholesale business.
In The Style said the wholesale arm “is likely to continue to be a challenge” as it predicted a similar performance over the current half-year.
Meanwhile, the group said it saw a “strong” showing from its direct-to-consumer business, referring to sales from its own platform.
Shares in the company were down 2.8% in early trading.
