Livingbridge has provided growth capital investment to online fashion retailer In The Style.
In The Style was founded by its chief executive Adam Frisby in 2013 and uses social media and royalty-based collaborations with celebrities and fashion bloggers to promote its clothes. Its sales more than doubled last year to £15 million and it expects to achieve revenues of more than £50 million within the next three years.
Livingbridge has invested growth capital into the business using funds from its Baronsmead Venture Trusts and has taken a sizable minority shareholding. Its investment will be used to upgrade In The Style’s IT and infrastructure, to expand its warehouse operations and to expand its team with senior appointments in IT, finance and marketing. It will also fund its expansion into the US and Australian markets.
In The Style lists 200 new items on its website every week and launches new collections every four to six weeks. The business enables its celebrity collaborators, which include Billie Faiers from television show The Only Way is Essex, Binky Felstead from the show Made in Chelsea and Charlotte Crosby from Geordie Shore, to launch their own individual collections, which means that it is enable to benefit from their strong social media presence. In The Style has over 1.4 million followers of its own on social media, and a wider social media reach of 18 million via its celebrity collaborators.
Adam Frisby, In The Style’s chief executive said: “I am delighted to have secured this investment from Livingbridge. They are a great investor who understand fast-growing businesses in our industry. I set out to create a mobile first brand utilising social media influencers to bring people the very best fashion at affordable prices and I'm delighted that in just three years we have established ourselves in the market. I’m incredibly excited about the journey we are on."
The funding by Livingbridge follows its previous investments in fashion retailers Fat Face and Crew Clothing. Steve Cordiner, Investment Director at Livingbridge, said: “In The Style is a natural fit for us given our strong track record of supporting high growth retailers and online businesses. Adam has created a strong business with fast fashion expertise combined with a disruptive marketing strategy, collaborating with celebrities and other fashion influencers to deliver exactly what his customers want. We believe the business has great potential and look forward to supporting In The Style as it continues its growth trajectory.”