In The Style confirms plans to list on AIM
Influencer-driven fashion etailer In The Style has confirmed its plans to list on London's junior market AIM later this month, where it will join fellow online fashion groups ASOS and Boohoo.
Started in 2013 by entrepreneur Adam Frisby the business is based on an influencer-collaboration model, targeting 18 to 35 year olds, and achieved £41m net sales in the 12 months ended 31 December 2020. It intends to float on 17 March.
Founder and CEO Frisby said of the move: “I am so proud of the business In the Style has become. We are a fast-growing e-commerce womenswear fashion brand with an innovative influencer collaboration model. Since our launch back in 2013, we have strived to do things differently by ensuring we empower our customers to be brave, embrace body confidence and, most of all, love themselves for who they are.
"We work closely with social media influencers and celebrity partners who align with our brand values to design and launch authentic collections that are then sold through our proprietary In the Style app, e-commerce website, and selected B2B partners. Our collaboration model creates a strong customer connection, drives highly efficient customer acquisition marketing metrics, and gives us exposure to a broad range of customers.
“We are delighted to announce our intention to float on AIM which marks an exciting new chapter in In The Style’s journey so far. We have a fast-growing customer base, a highly relevant brand and a pipeline or exciting initiatives. We are confident that we can build on our strong foundation to achieve our growth plans.”
In preparation for the listing the Manchester-based business has appointed new, independent non-executive directors, Nancy Cruickshank and Adam Bellamy, who will officially join the In The Style Board of Directors on admission. Cruickshank is a serial technology entrepreneur and current non-executive director of Flutter Entertainment plc and Allegro Group amongst others, while Bellamy is a current non-executive director at Ten Entertainment Group plc and Loungers plc amongst others.
While many fast-fashion retailers collaborate with influencers to promote their collections, In The Style forges long-term partnerships, which it says leads to a low-cost promotional model, where the company shares the risk and reward of the collaborations through royalties linked to the commercial success of individual influencer’s range.
Live collaborations include collections with influencer Lorna Luxe and television personalities Billie Faiers and Dani Dyer, and the company has agreed seven new partnerships with influencers due to launch in 2021.
Like many online retailers In The Style has seen significant growth during the pandemic and delivered £35.4m in net sales and £3.6m Adjusted EBITDA in the nine months to 31 December 2020, with sales up 159% from £13.7 million for the nine months to 31 December 2019. It counted 0.7m customers as at 31 December 2020, up 61% when compared to the prior year.