Introduction to In The Style

In The Style, a prominent fast fashion retailer based in Manchester, has been rescued from administration through a strategic acquisition by Alps Sourcing Limited. This move not only saves 87 jobs in the UK but also marks a significant turning point for the brand, which has faced substantial financial challenges in recent years. Founded by Adam Frisby in 2013, In The Style was once valued at £100 million but struggled to maintain profitability amidst economic headwinds and intense competition in the fast fashion sector.

Background and Financial Challenges

In The Style's journey has been marked by both success and struggle. After its initial success, the company floated on the London Stock Exchange's AIM market in 2019. However, it faced significant financial difficulties, leading to a decline in its market valuation. In March 2023, the company was sold to Baaj Capital for just over £1 million, a stark contrast to its previous valuation. Despite efforts to revamp its operations, In The Style continued to face cash flow issues due to significant debt, which impacted its ability to meet liabilities and maintain a stable supply chain.

Key Financial Highlights:

• Revenue Decline: In The Style's revenue fell from £45.9 million to £30.4 million between the years ending March 2023 and March 2024, respectively.
• Gross Profit Reduction: The company's gross profit decreased from £20.8 million to £15.9 million over the same period.
• Pre-tax Losses: In The Style reported a pre-tax loss of £2.6 million for the year ending March 2024, down from a £7.7 million loss the previous year.

The Path to Administration

In February 2025, In The Style announced its intention to appoint administrators due to ongoing financial struggles. This decision was made after the company had taken significant steps to reduce operational overheads, including job cuts and investments in automation. Despite these efforts, the brand's financial health continued to deteriorate, culminating in its entry into administration.

FTS Recovery was appointed to oversee the administration process, with Marco Piacquadio and Alan Coleman serving as administrators. Their primary focus was on rescuing as many elements of the business as possible, ensuring continuity for employees, the brand, and its supply chain.

The Rescue Deal

The acquisition by Alps Sourcing Limited, a UK-based supplier of fashion clothing for online and high street retailers, has provided In The Style with a lifeline. This pre-pack sale not only secures the future of 87 jobs in the UK but also offers an opportunity for the brand to rebuild and regain financial stability.

Key Aspects of the Rescue:

• Job Preservation: The deal saves 87 jobs in the UK, ensuring continuity for a significant portion of the workforce.
• Business Continuity: The acquisition allows In The Style to maintain its operations and brand presence, crucial for retaining customer loyalty and supplier relationships.
• Future Prospects: With new ownership, In The Style aims to return to profitability and strengthen its position in the competitive fast fashion market.

Future Outlook

The rescue of In The Style by Alps Sourcing Limited marks a critical juncture for the brand. As the fast fashion industry continues to evolve, In The Style will need to adapt to changing consumer preferences, focus on sustainability, and leverage digital platforms to enhance its market presence.

Challenges Ahead:

• Market Competition: In The Style faces intense competition from established fast fashion brands and emerging online retailers.
• Sustainability and Ethics: The brand must address growing consumer concerns about sustainability and ethical sourcing in the fashion industry.
• Digital Transformation: Investing in e-commerce capabilities and social media engagement will be crucial for driving sales and brand visibility.

Conclusion

In The Style's rescue from administration is a testament to the resilience of the brand and the determination of its stakeholders. As the company embarks on this new chapter under Alps Sourcing Limited, it will be essential to address past challenges while embracing future opportunities in the fast-paced world of fast fashion.

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