In The Style‘s CEO Sam Perkins informed the company’s board his intentions to step down by 31 December 2022. During his tenure the brand developed and began several strategic initiatives to support the company’s future growth.
As a result, Adam Frisby, the company’s founder, will be returning as the CEO on an interim basis. Frisby stepped down as the CEO of In the Style after having led the fashion brand for nine years and was succeeded by Perkins, the former managing director of the retail division at The Very Group.
In The Style’s chair Jim Sharp said: “On behalf of the board, I would like to place on record my thanks to Sam for his contributions during his time as the group’s CEO. Adam is excited to return to the role of CEO at this important time. As the group’s founder and major shareholder, Adam is well placed to lead the business and ensure it delivers its considerable potential.”
Untapped growth potential
In a separate announcement on 8 November, Richard Monaghan, the chief financial officer of In The Style announced the company’s strategic review, stating the limited liquidity for the company’s shareholders and indicating an “alternative ownership structure to reflect the underlying growth potential.”
He said: “The outcome of the strategic review may or may not result in a sale of the company or some or all of the group’s business and assets. The company is not in talks with any potential offeror and is not in receipt of any approach with regard to a possible offer.”
The company has appointed Lincoln International to assist with the strategic review of the group’s business.
As a consequence of this announcement, an ‘offer period’ has now commenced in respect of the company in accordance with the rules of the code and the attention of shareholders is drawn to the disclosure requirements of rule 8 of the code.
This news comes after the womenswear fashion e-tailer reported its interim results for the six months ended 30 September 2022, highlighting its direct to consumer (DTC) revenue remained broadly flat at GBP22.8m in a “challenging market.”
In The Style is an inclusive womenswear online fashion brand that was started in 2013 by Adam Frisby.