// In The Style CEO Sam Perkins to step down as business launches strategic review
// The retailer swung to a £3.1m loss in the six months ending September 30, 2022
In the Style chief executive Sam Perkins is to exit as it launches a strategic review that could result in a sale of the business.
The fast fashion retailer swung to a £3.1 million loss in the six months ending September 30, 2022.
In The Style founder Adam Frisby will replace Perkins in an interim capacity.
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Group revenues dropped 11% to £26.6 million. Direct-to-consumer sales remained broadly flat at £22.8 million, and wholesale revenues dropped 45% to £3.7 million.
In The Style has hired investment bank Lincoln International to help lead on a strategic view of the business as the listed business said it’s current market cap undervallues the business.
The company said: “There has been limited liquidity for In The Style’s shareholders for some time and that the current market capitalisation of the company does not properly reflect the underlying growth potential of the group which may be better realised under an alternative ownership structure.”
The outcome of the review “may or may not result in a sale of the company or some or all of the group’s business and assets”.
Frisby said: “We have made important progress against our strategic priorities during the first six months of the year as we look to evolve our business and re-engineer our economic model.
“Highlights have included moving our warehouse operations, restructuring the way in which our teams work and, most encouragingly, launching FITS to a very positive customer reception.
“We expect trading conditions to be challenging in the second half. We will continue to focus on cost control and profitability, and we look forward to delivering further strategic progress over the remainder of the financial year. We remain very excited about the long-term potential of the group.”
