In The Style founder and CEO steps down

Adam Frisby, the founder of In The Style (ITS), has said he will be stepping back from the fast fashion e-tailer and letting go of his role as chief executive officer.

His departure comes at a time when ITS was said to have “turned a corner this last year”, with the company now “back to profitability and doing so well”, Frisby said in his announcement on Instagram. He added that the company “has such a bright future and this has solidified [his] decision”.

The past two years have been a tricky period to navigate for ITS. While in mid-2022 the company had embarked on a growth strategy to increase profitability and manage its cash position, this later turned into a strategic review in light of its “limited liquidity”.

At the time, former CEO Sam Perkins, who had initially succeeded Frisby for the helm position in January 2022, stepped down from the role with Frisby then returning to oversee the ongoing review.

In a filing, ITS’ board said that its market capitalisation during the period did not reflect its “underlying growth potential”, which it believed “may be better realised under an alternative ownership structure”.

Ultimately, the company agreed to sell its operating subsidiary, In The Style Fashion Limited (ITSFL), in March 2023 for a total cash consideration of 1.2 million pounds, with Frisby then agreeing to take an equity position in a newly formed company ITS Holding 2023 Limited, established for the purpose of the sale.

New managing director appointed as Frisby’s successor

The position was the equivalent of Frisby’s current holding in the retailer and also saw him become CEO of ITSFL on completion of the sale.

This month, however, ITS said it was to undergo yet another strategic review following reports of declining revenue, appointing Lincoln International to assist with the process.

In the first six months of 2023, revenue reduced by 11 percent to 26.6 million pounds, yet increased 208 percent compared to the first half of 2020.

Gross profit margin increased by 1.4 percent pts to 48.5 percent, while adjusted EBITDA loss for the period was 1.8 million pounds. The group also made a loss before tax of 3.1 million pounds.

On the results, Frisby said that ITS would continue to focus on “cost control and profitability” as it looked to deliver “further strategic progress over the remainder of the year”.

Now, however, Frisby’s abrupt departure has shifted the focus. Despite the announcement, his message on social media remained positive.

He continued: “Although I am stepping down, I want to be clear that I’ll always be the founder of ITS. I am still a shareholder & I’ll continue to support the business in many ways. The new MD [managing director] I have appointed, Ben Armstrong, is such a fantastic guy. I not only wish him all the success but I’ll be there to support him every step of the way.

“I could never [have] imagined in my wildest dreams everything ITS would achieve when I started it 10 years ago and I really hope if I stand for anything; it is to believe in yourself and just give it a go.”