Will In The Style make a stock exchange comeback?

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Just when it seemed like the era of fashion companies going public on the London Stock Exchange had come to an end, reports emerged this week indicating that listed companies are still interested in fashion firms, suggesting that In The Style could be making a stock market return.

During discussions over a possible acquisition, Iconic Labs Plc indicated that share trading will be temporarily halted.

“Iconic is pleased to confirm that it has now entered into non-binding heads of terms with the owners of ITS Holdings 2023 Ltd, the holder of the entire issued share capital of In the Style Fashion Ltd, an online fashion retailer, in connection with the potential purchase of the entire issued share capital of the target,” stated the company, whose headquarters are now in London but was previously located in Manchester.

Assuming it goes through, the Listing Rules would classify it as a reverse takeover. The temporary halt to trading in Iconic shares will be in effect until either the company announces the end of takeover talks or a prospectus is issued.

We are pleased to announce that we have signed into an agreement to buy ITS Holdings 2023 Ltd.,” stated CEO Brad Taylor. After giving it great consideration, the Iconic board has decided that this acquisition is in line with our goals and the broader plan we’ve put in place to promote development and value for our shareholders over the long term.

If this materializes, ITS will make a surprising return. Listed on London’s Alternative Investment Market (AIM) in 2021, the Manchester-based brand was one of the biggest names to emerge from that city’s mass-market e-fashion explosion last decade. Two years later, when it sold itself for barely £1.2 million, its market worth had dropped to £105 million, putting it in danger of an administration filing.

Baaj Capital LLP is the current owner. In the most recent reports, which cover the year ending in March of last year, the company’s sales dropped from £57.3 million to £45.9 million, and its pre-tax losses increased to £7.7 million from £1.5 million the previous year.

Ethan Sullivan

Ethan's penchant for the pulse of the fashion world extends to covering lifestyle topics, offering readers a seamless blend of the latest style updates and lifestyle trends.

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