Frisby founded In The Style from his bedroom with just £1,000 in savings in 2013, growing it to a £100m womenswear etailer and favourite of celebrities such as TV presenter Stacey Solomon.
“After 10 amazing years of In The Style… it’s time for me to say goodbye,” he said on Instagram yesterday (28 December), calling the business “his baby”. He cited factors such as emotional wellbeing in his decision to step down, as well as the etailer’s return to profitability in late 2023.
He added: “Although I am stepping down, I want to be clear that I’ll always be the founder of ITS [In The Style]. I am still a shareholder and I’ll continue to support the business in many ways. The new MD I have appointed, Ben Armstrong, is such a fantastic guy. I not only wish him all the success but I’ll be there to support him every step of the way.”
Frisby’s departure follows a rollercoaster year for In The Style. In January 2023, the etailer issued a profit warning as revenues tumbled, and a month later Frisby won a case at Manchester's High Court, which dismissed businessman Paul Clements's claims that the name and concept of the digital womenswear business was his idea.
In The Style was then acquired by UK-based private equity firm Baaj Capital for £1.2m in March, with a plan to make "further material gains" in the following year. In December, Drapers revealed In The Style expected to return to profitability for the year to end of March 2024 under its new owner.
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The return to profitability was driven by inventory improvements, it said, including "reducing stock obsolescence and clearance activations", strong celebrity collaborations, and "a more effective return on marketing investment".
Frisby had previously stepped down from the CEO role in January 2022 and took on the newly-created role of chief brand officer, installing Sam Perkins as CEO. Perkins left in December 2022 and Frisby took the role of interim CEO.
