Headquartered in Salford, Manchester, In The Style is a fast growing pure-play e-commerce apparel brand with a loyal, growing customer base of women predominately aged between 16 and 35.
From the outset, the Company has innovated a differentiated influencer collaboration model as an authentic and cost-effective way to drive customer engagement and sales.
Since its incorporation in 2013, the Group has delivered seven years of unbroken revenue growth. It is now one of the largest independent online womenswear brands in the UK with approximately £41.0 million net sales in the 12 months ended 31 December 2020.
Admission to Trading on AIM
On 15th March 2021, admission and dealings commenced in the Ordinary Shares on AIM by way of a Placing of 30,000,000 Ordinary Shares of 0.25 pence each at 200 pence per share raising net proceeds of approximately £9.1 million.
At the Placing Price, the Company’s market capitalisation was approximately £105 million.
Reasons for the Placing and use of proceeds
The net proceeds will be applied principally to invest in:
- new influencer collaborations, including increasingly higher profile celebrity influencers to accelerate growth;
- selective direct brand marketing to complement influencer collaboration marketing to increase awareness of the ITS brand;
- infrastructure and technology to ensure a continued “best in class” foundation to support growth;
- continued investment in management and people, including hires anticipated across marketing, technology and CSR;
- entry into certain international markets through its proven influencer model; and
- moving to a new, larger warehouse in 2021 to support further growth
The Directors believe that Admission will be beneficial to the Company for the following reasons:
- it will raise the profile of ITS;
- the Group will be better positioned to attract, recruit and retain key employees who may be further incentivised through the EMI Scheme;
- it will provide the Group with more flexibility for further organic growth; and
- the Company will be able to issue new Ordinary Shares as consideration in connection with acquisition opportunities.
The Perivan shareholder communications team were delighted to work with Liberum Capital who were appointed Nominated Adviser, Joint Broker and Bookrunner on the successful production and publication of the 157-page admission document.
Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed-ended funds.