In The Style, a renowned fashion retailer, has announced job cuts as it faces ongoing financial challenges. The company reported significant pre-tax losses for the fiscal year.
- The fashion guru reported a pre-tax deficit of £2.6 million for the year ending 31 March, a notable decrease from the £7.7 million loss from the previous year.
- The firm’s revenue plummeted from almost £46 million to £30.4 million, with UK sales declining to £29 million, down from £42.7 million.
- Significant workforce reductions occurred, with headcount dropping from 179 to 140 amidst efforts to streamline operations through automation and task elimination.
- The changes follow the departure of the company’s founder, Adam Frisby, who expressed emotional sentiments about leaving the brand on social media.
In The Style has taken decisive action in response to financial difficulties, announcing job cuts in an effort to mitigate losses as it approaches a potential relisting on the London Stock Exchange. The retailer has reported a pre-tax loss of £2.6 million for the fiscal year ending 31 March, a considerable improvement over the previous year’s £7.7 million loss. This reduction in losses, however, comes alongside a significant drop in revenue, which fell from nearly £46 million to £30.4 million. UK sales experienced a similar downward trend, falling from £42.7 million to £29 million during the same period.
The company has undertaken a restructuring process, significantly reducing its workforce from 179 to 140 employees. This move is part of a broader strategy to reduce operational costs through investment in automation and the elimination of task duplication. These efforts are aimed at creating a leaner, more efficient operation, as the company seeks to return to profitability.
These changes occurred in the wake of Adam Frisby’s departure. The founder and former CEO shared his emotional decision to leave the company via Instagram, noting his pride in the brand’s journey. Frisby initially stepped down from his role as CEO in December 2023, but had returned when In The Style was acquired by Baaj Capital earlier in 2023, a move that forestalled the company’s entry into administration. His departure was announced as the company began to show signs of financial recovery and stability.
In The Style remains focused on regaining financial stability amid significant organisational changes.
