In The Style cuts jobs amid losses ahead of stock exchange return
In The Style (ITS), the Manchester-based fast-fashion retailer, has reduced its workforce as it grapples with declining sales ahead of its return to the London Stock Exchange.
The company reported a pre-tax loss of £2.6m for the year to 31 March 2024, improving from the £7.7m loss in the prior year. Revenue dropped to £30.4m, down from £45.9m the previous year and £57.3m in 2022.
ITS experienced declines across all regions, with UK revenue falling from £42.7m to £29m, European sales dropping from £2.7m to £1.2m, and revenue from the rest of the world decreasing from £430,000 to £178,000.
The retailer cut its headcount from 179 to 140, citing efforts to streamline operations by investing in automation and eliminating redundancies.
The results follow the departure of founder Adam Frisby, who launched the brand in 2013. Frisby initially stepped down as CEO in 2022, returned later that year, and left again in December 2023, stating he has “entirely left” the business and relinquished all shares.
ITS has been in discussions with London-listed Iconic Labs over a reverse takeover since March. Iconic Labs, which suspended trading of its shares in February, aims to directly acquire ITSFL, In The Style’s operating company, as part of the proposed transaction.
The ITS board described the year as one of “realignment,” with efforts focused on improving margins and operational efficiency despite declining sales. “Significant time investment has been made into our business intelligence to support robust trading decisions,” a statement noted.
Iconic Labs confirmed it is conducting due diligence to finalise the acquisition and navigate the process of readmission to the London Stock Exchange.
