Causeway Capital is pleased to announce its first partial exit from the firm’s maiden private equity fund following the successful IPO today of portfolio company In The Style Group plc (“In The Style” or “ITS”), the pure-play e-commerce fashion brand.
The IPO was over-subscribed and priced at the top-end of expectations providing the Company with a new long-term shareholder base and further growth capital to fund its future growth plans. The IPO also enabled Causeway Capital to sell two thirds of its holding and provided a multi-million-pound return for the management team. After the IPO, management and Causeway Capital remain substantial shareholders in the Company.
In The Style (ticker: ITS) commenced trading today on the AIM market of the London Stock Exchange with a market capitalisation of £105 million.
In The Style is a fast-growing e-commerce fashion company targeting an audience of women aged between 16 and 35. The Company has pioneered an innovative influencer collaboration model as an authentic and cost-effective way to drive customer engagement and sales.
Causeway Capital invested £2.5m of growth capital in In The Style in 2018 in return for a c.50% shareholding alongside founder/CEO, Adam Frisby and experienced COO/CFO, Paul Masters. Causeway Capital’s growth capital was principally invested in developing the social media influencer and technology platforms. In just under three years, the Company’s sales trebled, and the company moved to profitability.
Growth highlights included:
· developing a new proprietary app (c.50% of 2020 sales were through the app)
· launching a new B2B wholesale line (c.20% of 2020 sales)
· 3 year revenue CAGR (2018-21) of 43%
In The Style is a campaigning brand, and an industry champion for female empowerment, body confidence and real beauty with a proactive sustainability agenda. It was one of the first major UK brands to stop retouching photoshoot images and raised over £350,000 for the Samaritans as part of a 2020 campaign to promote awareness of mental health issues linked to online/social media abuse and bullying.
Adam Frisby, Chief Executive Officer of In The Style, said:
‘’Today is a really exciting day for In The Style. Our successful admission to AIM is a milestone we are delighted to have achieved. It has been an incredible journey over the last seven years for the business and I’m beyond proud of the differentiated and inclusive brand In The Style has become.
"We are very pleased to welcome our new shareholders to the business and I am really excited for the next chapter of the In The Style journey.”
The Company's Admission Document is available to view on the Company's website at https://corporate.inthestyle.com/
Liberum Capital Limited is acting as Nominated Adviser and was sole broker to In The Style.
