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In The Style has revealed that it posted a loss-before-tax of £2.7m for the year ended 31 March 2024, compared with a loss of £7.7m in the previous year.
Despite this, the company’s revenues fell from almost £46m to £30.4m, while UK sales were down from £42.7m to £29m over the same period.
It comes as the company revealed that it slashed its headcount from 179 to 140 during the period.
It stated that it had taken “significant steps to reduce operational overhead by investing in automation, clear strategic priorities and the removal of duplication of tasks.”
It comes after the business’s founder Adam Frisby stepped down from the brand in September, he also exited his role of CEO back in December 2023.
Frisby stated that his decision had been made as the business had “turned a corner” and was back to profitability.
He agreed to return to the CEO position when In The Style was sold to private equity firm Baaj Capital earlier in 2023 in a move that staved off administration.
