Back in 2013, entrepreneur Adam Frisby founded online fashion retailer In The Style in Manchester with just £1,000. The company has now been valued at a whopping £105 million, after making its stock market debut. Let’s take a look at how In The Style’s achieved such impressive growth…
No business experience and no money – just one fantastic idea
Adam Frisby had no previous experience running a business, especially not one built from scratch. There was only an idea, a humble £1,000 investment and Adam’s bedroom, which acted as HQ for the fledgling fashion e-tailer in its earliest days.
The concept was fast fashion, which like other Manchester-based fashion giants like Boohoo.com was targeted at reality TV, celebrity and social media-loving customers. In The Style collaborated with highly influential stars from hit shows such as Geordie Shore, Made In Chelsea, TOWIE and Love Island. These partnerships have made the brand a huge success among its target audience, women aged 16 to 25.
Speaking of the origins of his business, Adam Frisby told Fashion United how he was made redundant and used the payout to start In The Style:
“I received 1000 pounds redundancy payment, and it was at that point one day when I was at home in my bedroom that the whole idea just came to my head. It just hit me that there was a really good opportunity with fashion, celebrity, influencers and social media. No one was really doing it at the time.”
The business began with just a handful of dresses bought from a wholesaler. After just three months, there were enough orders to open a small office – and partnerships with high-profile influencers followed soon after. To date, In The Style has worked with Dani Dyer, Charlotte Crosby, Binky Felstead, Lauren Pope and Billie Faier. Plus, a new exclusive collaboration with TV personality Stacey Solomon has just launched.
2018 – turnover hits £40 million
In 2018, In The Style reached a major landmark. The company made £40 million in annual turnover, and achieved investment from private equity firm Livingbridge. This was a crucial step in helping the company to grow and its brand to develop.
In The Style went international, scaling up infrastructure and marketing in order to reach markets in Australia, Europe and the US. At the time, international customers made up around 15% of total orders, but Frisby hoped to grow that to 25% throughout 2019 and 2020.
2021 – In The Style valued at £105m and AIM admission application
While 2020 was certainly a challenging year for retailers, In The Style’s online business model seems to have held it in good stead throughout the COVID-19 crisis.
In fact, the brand achieved another milestone – applying for AIM admission and raising £49 million in an oversubscribed placing of five million new shares on the stock market. This latest move has led In The Style to be valued at an impressive £105 million. In a press release, CEO Adam Frisby said:
“We are thrilled by the very positive reception to our IPO from a wide range of high-quality institutional investors,”
“This is a great testament to In The Style’s differentiated brand, innovative influencer collaboration model, and exciting opportunities for future growth.”
It’s certainly not bad at all for a fashion business started in a bedroom with £1,000 and a handful of dresses. Here at First 4 Recruitment, we’re thrilled to see what In The Style will achieve next.