Adam Frisby, the founder and CEO of fashion e-tailer In The Style (ITS), has announced his departure. Stepping down from his role, Frisby expressed optimism about ITS’ recent financial growth. He declared on Instagram that the company “turned a corner this last year”, marking a return to profitability.
ITS faced turbulence in the past two years, initially pursuing a growth strategy in 2022 that later transformed into a strategic review due to “limited liquidity.” Former CEO Sam Perkins briefly assumed leadership, only to witness Frisby’s return for oversight during the review.
Furthermore, the board acknowledged a discrepancy between market capitalisation and underlying growth potential, prompting contemplation of alternative ownership structures. Ultimately, ITS made a pivotal decision to sell its operating subsidiary, In The Style Fashion Limited (ITSFL), in March 2023, fetching £ 1.2 million in cash.
Frisby has embraced the change by taking an equity position in the newly formed ITS Holding 2023 Limited, an entity established specifically for the sale. This strategic move reflects Frisby’s confidence in the bright future he envisions for the company.
“Although I am stepping down, I want to be clear that I’ll always be the founder of ITS. I am still a shareholder and I’ll continue to support the business in many ways. The new MD [managing director] I have appointed, Ben Armstrong, is such a fantastic guy. I not only wish him all the success but I’ll be there to support him every step of the way.” said Frisby.
