In The Style, a fashion retailer, is implementing job cuts as it strives to overcome declining sales before re-entering the London Stock Exchange.
- For the year ending 31 March, the company reported a pre-tax loss of £2.6 million, an improvement from the previous year’s £7.7 million loss.
- Revenue dropped significantly from nearly £46 million to £30.4 million, with UK sales decreasing from £42.7 million to £29 million.
- The retailer reduced its employee count from 179 to 140 in a bid to lower operational costs through investments in automation and strategic realignment.
- Adam Frisby, the founder, departed from his role in September, having seen the business regain profitability after a significant restructuring.
In The Style is undergoing a challenging period as it attempts to stabilise its finances before making a return to the London Stock Exchange. The fashion retailer has announced job cuts as part of its strategy to handle a downturn in sales. This move comes as the company recorded a pre-tax loss of £2.6 million for the year ending 31 March. Although still facing losses, this figure marks a notable improvement compared to the £7.7 million deficit noted the year prior.
The company’s revenue saw a steep decline, falling from nearly £46 million to £30.4 million. In terms of regional performance, UK sales alone fell from £42.7 million to £29 million during the same period. To counter these financial challenges, In The Style has taken decisive steps by reducing its workforce from 179 to 140 employees. The company attributes this downsizing to a broader strategy of cutting operational expenses, which includes harnessing automation and refining business priorities.
Adam Frisby, the founder of In The Style, stepped down from the company in September after overseeing a strategic overhaul designed to return the business to profitability. Frisby had previously returned as CEO when the company was acquired by Baaj Capital earlier in the year, a move that helped avoid administration. Despite his departure, the foundation laid during his tenure has enabled In The Style to move past critical financial hurdles.
The changes implemented reflect In The Style’s efforts to streamline operations and focus on core strategies that will support its financial health. The company’s steps to simplify and automate processes indicate a forward-thinking approach in managing resources efficiently.
In The Style’s ongoing efforts to realign its strategies and streamline operations highlight its commitment to overcoming financial obstacles and preparing for future growth.
