A US investment giant has taken a stake an online fashion company which grew after collaborating with reality TV stars such as Love Island’s Dani Dyer, Geordie Shore’s Charlotte Crosby and Towie’s Billie Faiers.
Ameriprise Financial has bought a 5% holding in Salford-headquartered In The Style.
The Minneapolis-headquartered buyer can trace its roots back to 1894 and provides financial planning products and services, including wealth management, asset management, insurance, annuities, and estate planning.
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In The Style floated on the London Stock Exchange's AIM in March 2021, which gave it a market capitalisation of about £105m at the time.
The company raised £11m through a share placing while a further £49m was secured for existing investors.
Other significant institutional investors in the business include Lombard Odier Asset Management, which holds a stake of more than 20%, Octopus Investments and Chelverton Asset Management.
The business, which was founded in 2013 by entrepreneur Adam Frisby with £1,000 of seed funding from his bedroom, works with influencers on a long-term basis to collaboratively design, develop and promote branded fashion collections.
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In November 2021 it was confirmed that Mr Frisby was to step down as chief executive and move to a new role on the board.
He was succeeded by Sam Perkins who joined from The Very Group.
In January 2022 the company said it was set to report a revenue of between £55m and £57m for the 12 months to the end of March 2020, in line with market expectations.
However, the business added that as a result of "supply chain constraint issues", its board is now expecting to report an adjusted EBITDA margin of between 1% and 2%.