Online fashion retailer In The Style has advised that revenues from December 31st, 2022 had dropped by 22 per cent over the previous year’s performance. Its direct-to-consumer sales were down by 13 per cent and its gross margin was also down on expectations.
The business says that revenue for the full year will be around £46m resulting in an EBITDA loss of between £4.25m-£4.75m.
Founder Adam Frisby, currently filling the CEO role on an interim basis following the departure of Sam Perkins at the end of December, 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.”
Along with its peer brands, the business said that cost of living pressures on its customers as well as disruption with delivery caused by strikes at Royal Mail had had an adverse impact.
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