// In The Style confirms plans to float in the AIM on March 17
// 2 new independent non-executive directors will join the board upon admission
In The Style has confirmed that it has filed a notice of intention to float later this month on AIM, a junior sub-market of the London Stock Exchange.
Admission is expected to take place on March 17.
Once the flotation begins, In The Style said two new independent non-executive directors will join the board.
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This includes technology entrepreneur Nancy Cruickshank and former Pure Gym finance chief Adam Bellamy.
Chief executive Adam Frisby said the decision marked an “exciting new chapter” for In The Style, which is based in Manchester and was founded in 2013.
The online retailer would join online fashion giants Asos and fellow Manchester firm Boohoo Group which are already listed on AIM.
“We are delighted to announce our intention to float on AIM which marks an exciting new chapter in In The Style’s journey so far,” Frisby said in a statement.
“We have a fast-growing customer base, a highly relevant brand and a pipeline or exciting initiatives. We are confident that we can build on our strong foundation to achieve our growth plans.”
In The Style is among the list of pureplay online retailers that have thrived during the pandemic thanks to an acceleration in the shift to online shopping.
In the nine months to December 31, net sales soared by 158 per cent to £35.4 million, while adjusted EBITDA came in at £3.6 million and its active customer base increased by 61 per cent to 700,000.
The sales boost was driven by a sharp increase over the Christmas trading period, when sales skyrocketed 169 per cent year-on-year to £13.5 million for the 13 weeks to December 31.
Liberum Capital is acting as nominated adviser, sole broker and sole bookrunner in relation to the online fashion retailer’s proposed placing and admission.