Why The Style Founder Has No Regrets About Leaving?

Adam Frisby, the founder of online womenswear brand In The Style, has shared his experience following his departure from the company two years ago. Reflecting on the journey, Frisby expressed that he has "no regrets" despite the challenges faced, including a significant decline in the company's fortunes after its initial public offering. This article explores the rise and fall of In The Style, the impact on Frisby, and the lessons learned from his experience.

Last updated: 19 October 2023 (BST)

Key Takeaways

• In The Style was founded by Adam Frisby in 2013 with a mere £1,000.
• The brand was valued at over £100 million upon its listing but faced significant challenges shortly after.
• Frisby endured personal threats and legal battles during the company's downturn.
• In The Style was delisted from the London Stock Exchange in 2023 after recording losses of £8.4 million.
• Frisby has since moved on and is expecting a child with his partner.

The Rise of In The Style

Founded in 2013, In The Style began as a small venture in Frisby's bedroom. With an initial investment of just £1,000, the brand quickly found its niche in the competitive fashion market, catering specifically to women seeking affordable, trendy clothing. The company's innovative approach to influencer partnerships helped it gain traction, establishing a loyal customer base and driving significant sales growth.

Initial Public Offering and Rapid Growth

In 2021, In The Style achieved a major milestone by listing on the London Stock Exchange, with a market valuation exceeding £100 million. This success was seen as a testament to the brand's potential and the thriving interest in online fashion retail. However, this rapid ascent was short-lived. Frisby noted that the excitement surrounding fashion businesses faded post-Covid, leading to diminished investor interest.

Challenges Faced Post-IPO

After going public, In The Style encountered a series of challenges that ultimately contributed to its downfall. One of the most significant factors was the rising costs associated with being a publicly listed company. Frisby revealed that the operational expenses, combined with external factors such as the war in Ukraine, severely impacted profit margins.

Additionally, the changing consumer landscape, with less interest in fashion post-pandemic, led to a decline in sales. The company recorded losses of £8.4 million before being delisted from the stock market in 2023, which Frisby described as a painful but necessary step.

The Mental and Physical Toll of Business Struggles

Frisby opened up about the personal toll the company's struggles took on him. He faced mental health challenges and received death threats, particularly from shareholders who lost money following the sale of the company. He described this period as "the darkest time of my life," compounded by a lengthy legal battle over accusations of idea theft.

The Legal Battle

The legal issues began shortly after In The Style's IPO when Frisby was accused of stealing the brand concept from another entrepreneur. This led to a protracted legal struggle, culminating in a High Court hearing around the same time the company was delisted. Frisby ultimately won the case, but the stress and anxiety took a considerable toll on his wellbeing.

Social Media Controversies

In addition to the financial and legal troubles, In The Style found itself embroiled in a social media controversy when several influencers publicly claimed they had not been compensated for their promotional work. This incident further damaged the brand's reputation and contributed to the ongoing challenges Frisby faced as CEO.

Sale and Subsequent Developments

In early 2024, In The Style was sold to Alps Sourcing Limited in a pre-packed deal to avoid insolvency. This sale marked a significant decline from the brand's once-prominent position in the market. Frisby announced his departure from the company entirely in October 2024, having stepped down as CEO in late 2023.

Recovery and Moving Forward

Despite the hardships, Frisby has focused on his recovery. He shared that therapy and open conversations have been instrumental in his healing process. He expressed gratitude for the support of his partner, who stood by him during the tumultuous period. The couple is now expecting a child through surrogacy, marking a new chapter in their lives.

Frisby maintains a positive outlook on his journey, stating, "It's taken me a long, long time to recover... I have no regrets for what I did." His experience serves as a cautionary tale for entrepreneurs, highlighting the importance of mental health and resilience in the face of adversity.

What Happens Next for In The Style?

With In The Style now under new ownership, the future of the brand remains uncertain. It is yet to be seen how the new management will steer the company in an increasingly competitive market. The challenges faced by Frisby and his team serve as a reminder of the volatile nature of the fashion industry, especially in a post-pandemic landscape.

Conclusion

The journey of Adam Frisby and In The Style encapsulates the highs and lows of entrepreneurship. From humble beginnings to soaring highs, followed by significant challenges, Frisby's story is one of resilience. His reflections on mental health, legal struggles, and the importance of support systems resonate with many aspiring entrepreneurs facing their own battles. As the fashion industry continues to evolve, the lessons learned from this experience will undoubtedly influence future business leaders.

FAQs

What led to In The Style's decline after going public?

In The Style's decline was attributed to decreased interest in fashion post-Covid, rising operational costs, and social media controversies, which affected brand reputation and sales.

How much did In The Style sell for after being delisted?

The company was sold for £1.2 million after being delisted from the London Stock Exchange in 2023, marking a dramatic drop in its market value.

What personal challenges did Adam Frisby face during this period?

Frisby faced significant mental health challenges, including receiving death threats and dealing with public scrutiny during legal battles over the company's reputation.

What is the current status of In The Style?

In The Style was sold to Alps Sourcing Limited in early 2024 to avoid insolvency, with the future direction of the brand still uncertain.

How has Adam Frisby coped with the stress of his experiences?

Frisby has sought therapy and engaged in open conversations with his partner, which have helped him recover from the stresses associated with the company's decline.