In The Style reveals job cuts as full year revenue takes sharp tumble

New accounts filed by fast fashion e-tailer In The Style (ITS) have revealed a series of job cuts at the firm as well as a sharp drop in revenue for the full financial year.

The company said that it had reduced people overhead by around 38 percent, reflecting a drop from 179 to 140 employees, after taking certain steps to gain the ability to do so, via investments into “automation, clear strategic priorities and the removal of duplication of task”.

This came as it recorded a notable decline in performance for the year ended 31 March 2024, during which its revenue fell from 46 million pounds in the year prior to 30.4 million pounds. Its gross profit for the period came to 15.9 million pounds, also down on 2023’s 20.8 million pounds.

Despite this, the company did narrow its losses. Operating loss for the period declined from 7.4 million pounds to 977,000 pounds, while its adjusted EBITDA increased from a prior loss of 4.3 million pounds to a profit of 1.4 million pounds.

The results come ahead of ITS’s impending London Stock Exchange return, and months after its founder, Adam Frisby, announced his departure from the brand.

ITS has been in discussions with Iconic Labs over the possible takeover of ITS Holdings 2023 Ltd, the holder of the entire issue share capital of ITS Fashion Ltd. The firm has confirmed that a due diligence review is currently underway in order to finalise the acquisition and navigate ITS’ readmission to the London Stock Exchange.