In The Style CEO to step down as company embarks on strategic review

In The Style has announced its chief executive officer, Sam Perkins, will be stepping down from his role on December 31, 2022, as the company sets out on a strategic review and business update.

The retail group’s founder Adam Frisby will be returning to the role of CEO on an interim basis after he stepped back from the position in January 2022 to become chief brand officer.

In a regulatory filing, CFO Richard Monaghan said the group had developed and begun to implement several strategic initiatives to support growth during Perkins tenure.

Limited liquidity overshadowing growth potential

It comes as the board of In The Style commenced a strategic review on the company after it said there had been “limited liquidity” for shareholders for some time.

The filing added that the current market capitalisation of the company did not reflect its “underlying growth potential” which it believed “may be better realised under an alternative ownership structure”.

The company has appointed Lincoln International to assist with the process, with it noting that the review “may or may not result in a sale of the company” or some of its assets.

In line with the announcement, an ‘offer period’ has also launched, however it added that no potential buyer has yet been confirmed.

The Manchester-based retailer posted “strong” trading in November, delivering “record” Black Friday, Cyber Fortnight figures.

While its gross order value came in six percent higher than 2021, its average order value was up 12 percent.

It did note that consumer sentiment remained “uncertain”, with it now expecting DTC revenue for the full year to be similar to its FY22 results.

Wholesale is likely to continue to be challenging for the company, however the group said its board is looking towards continuing its “strong strategic momentum delivered through Q1 2023”, as well as its long-term growth prospects.