In The Style warns of FY losses as revenues fall 22%

Online womenswear fashion brand, In The Style, has revealed that its total revenue for the quarter ending 31 December 2022 declined by 22% on the prior year, while its direct-to-consumer revenue dropped by a further 13%. 

As a result, the company expects to report an adjusted EBITDA loss of between £4.25m and £4.75m for the year following a “challenging” December trading environment. 

However, according to the group, it had managed stock levels well through the peak trading months, closing the quarter with stock of £3.2m.

The retailer now expects its revenue for the full year to be in the region of £46m, reflecting market-wide cost pressures on consumers, higher levels of markdowns and a reduction in wholesale demand. 

Adam Frisby, CEO of In The Style, said: “Following an encouraging performance in November and throughout the important Black Friday trading period, the trading environment in December was more difficult. This reflected high levels of markdown activity across the market, disruption to delivery services, and the impact of cost-of-living pressures on our customers.

“Despite these challenges, we are encouraged by the positive customer reaction to FITS, our own brand range, which provides an exciting opportunity for us to further leverage the strengths of our influencer collaboration model.”

He added: “We are firmly focused on launching exciting, unique and inclusive collections for our customers in collaboration with our influencer partners, as well as tightly managing stock, costs, and cash. I remain absolutely confident in the fundamental strengths of the In The Style brand as well as our differentiated model.”