In The Style founder steps down as chief
THE 34-year-old founder of In The Style has ceded control of the fashion brand following a sharp drop in its share price.
Adam Frisby will be replaced as chief executive by Sam Perkins, a managing director at the Very Group and former Tesco executive.
Mr Frisby, who left school with no qualifications and worked in a Burger King before he set up the firm in 2013, will switch to the role of chief brand officer, which was created for him. Mr Perkins will take the reins in January.
In The Style recently sounded the alarm on profits amid supply chain chaos and a higher rate of returns.
Shares have almost halved since midseptember following its £100m IPO in
March. The company is part of a cluster of online retailers such as Boohoo, Prettylittlething, Asos and Missguided, which have attracted shoppers with low prices and endorsements from social media influencers.
The retailer’s chairman, Jim Sharp, said Mr Frisby and its new chief executive will “form a formidable partnership to drive forward the brand’s continued expansion”.
Mr Sharp added that Mr Perkins’ arrival will allow the founder to focus on the branding role.
Nick Bubb, an independent retail analyst, said the move from the embattled e-commerce business came “out of the blue”.
The shares edged down 1.2pc, or 1.5p, to 115p – below the 200p price when it listed on London’s stock market.
Major investor Causeway Capital, which bought Patisserie Valerie from administration, injected £2.5m into the retailer more than two years ago after the company’s previous backer, Livingbridge, exited.
The decision to give up the chief executive role is similar to that of Gymshark co-founder Ben Francis who appointed an experienced executive to grow the gym brand more aggressively in recent years. Mr Francis is now back at the helm.