In The Style has entered a new chapter with its founder Adam Frisby stepping down from the board following a recent acquisition by Baaj Capital.
Significant leadership changes have been initiated as the business, acquired in a £1.2m deal, undergoes a strategic realignment for future growth.
In The Style’s founder, Adam Frisby, has officially stepped down from his role on the current board following the company’s recent acquisition. The business, which was sold to UK-based private equity firm Baaj Capital in a £1.2m deal, marks a significant change in leadership. Along with Frisby, other non-executive directors, including Nancy Cruickshank, Adam Bellamy, and Matthew Scaife, have also resigned from the board, paving the way for a fresh governance structure.
Last Friday, shareholders of In The Style voted in favour of the sale by a margin of 58.92% to 41.08%. This approval facilitated the transition of ownership to Baaj Capital, underlining a new strategic direction for the brand. Jim Sharp now assumes the role of chairman, while Richard Monaghan takes over as the chief financial officer. These appointments are expected to steer the company towards stabilisation and future growth.
This strategic repositioning allows Frisby to remain influential in the company’s future trajectory, albeit from a different standpoint. Such a move is likely to ensure continuity in the brand’s vision and ethos, leveraging Frisby’s deep understanding of the market.
In The Style had been grappling with financial challenges prior to the sale, having issued a profit warning in January. The business reported a substantial loss exceeding £4 million for the last fiscal year, with revenues dropping by 22% in the final quarter. The rebranding is expected to provide a clean slate, mitigating past challenges.
Throughout the sale process, Frisby and his team considered offers that would not only resolve immediate financial concerns but also align with the long-term ambitions of the company. Ultimately, Baaj Capital’s acquisition was viewed as having the potential to realign the company with its growth aspirations.
Overall, the transition plan has been meticulously crafted to ensure minimal disruption. The goal remains to maintain brand integrity while repositioning the company for future success.
As In The Style transitions to its new phase under the ownership of Baaj Capital, the focus will be on leveraging this opportunity for revitalisation. The strategic decisions made will be crucial in determining the brand’s ability to rebound and succeed in a competitive market landscape. While challenges lie ahead, the company’s commitment to evolving and adapting signals a proactive approach to securing its future.
The acquisition by Baaj Capital marks a pivotal moment for In The Style, opening avenues for strategic realignment and revitalisation.
As the company navigates this transition, its ability to adapt will be key to sustaining its presence in the ever-competitive fashion industry.
