// Two major In The Style shareholders significantly cut their stakes in the retailer
// The etailer was forced to widen its losses last month and expects to make an adjusted EBITDA loss of between £4.25m and £4.75m for the year
Two of In The Style’s major investors have cut their stakes in the online fashion retailer after it warned last month that losses would widen.
The etailer made the warning as sales plummeted 22% during the golden quarter.
The retailer’s second largest shareholder Lombard Odier Asset Management which previously held a 19.82% stake cut its holding to 2.54%.
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Fellow shareholder Octopus Investments also reduced its stake to 1.5% from 6.9%.
Due to a “difficult trading period” over the golden quarter, In The Style expects to make an adjusted EBITDA loss of between £4.25m and £4.75m for the year.
The retailer is currently undergoing a strategic review which could result in the sale of the business.
It 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.”
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