In The Style’s problems are continuing with the online retailer collapsing into administration and over 100 jobs at risk as a result. The administration process for the Manchester-based business will be run by FTS Recovery.

The company, which launches collections helmed by influencers, was founded 12 years ago by Adam Frisby and when it listed on the London Stock Exchange earlier this decade had a valuation of £105 million at one point. But it was sold to Baaj Capital for just over a million exactly two years ago.

It had struggled since then and cut some jobs at the end of last year. 

Rumours that it would file for administration emerged last month and came as little surprise given the pre-tax loss of £2.6 million it made in the year to last March. Admittedly that was smaller than the £7.7 million loss of the previous financial year, but such losses are hard to sustain indefinitely.

Yet the company had continued a ‘business as usual’ approach and only last month unveiled its first 2025 collaboration collection with BBC Strictly Come Dancing 2024 show winner, Dianne Buswell. The new collection featured looks based around a week in Buswell’s life as a professional dancer.

Phoebe Russell, marketing director of In the Style, said at the time: “We are best known for our celebrity and influencer-based collaborations, and this one to kick off 2025 is one to be excited about. When deciding on our collections, we want to lean into people who wear these wardrobe staples day in and day out, and when it comes to activewear, we really knew Dianne would be such an asset.”

New figures from the analysts at GlobalData show that both Shein and Adidas grew strongly last year, ending as the big winners among the mega-names of global mass fashion and sports.

GlobalData said that a “challenging economy made consumers more selective over where they shopped for apparel in 2024”. 

Overall, the top 10 players in the market are forecast to have gained share, “as shoppers remained loyal to brands that they could trust, while smaller players lost their footing”. 

The winning brands “offered superior value for money and style, while those with lacklustre ranges lost out. Unsurprisingly, Shein was the biggest winner again”.

Pippa Stephens, senior apparel analyst, said its market share is forecast to have surged by 0.24ppts to 1.53%, “driven by its ultra-low price points and fast reaction to fashion trends, which helped it stay ahead of competitors despite the continued criticism regarding its labour practices and environmental impact”.

Its rapid rise has taken share away from other fast-fashion online pureplays, “especially ASOS and boohoo.com, which have seen their sales plummet over the past few years”.

But while Shein was the leader in growth terms, other major names also saw their market share shedding in the right direction. Inditex’s Zara remained an “outperformer, with its market share expected to have grown 0.05ppts to 1.24%, helped by its local supply chain allowing it to react swiftly to new fashion trends and its appeal among a broad demographic of shoppers”. 

That came as its biggest rival H&M’s market share is forecast to have fallen marginally to 1.06%, “as its more neutral and lacklustre designs struggled to capture consumers’ attention”. H&M “has been losing shoppers to Uniqlo as well, which is forecast to have grown its market share to 0.92%, due to strong value for money perceptions and significant expansion outside its home market of Japan”.

And Adidas? In sportswear, after experiencing a notable slump in sales in 2023,  it had “a triumphant year in 2024, with its total apparel market share anticipated to have grown 0.17ppts to 1.79%, bolstered by the popularity of its Originals lifestyle footwear ranges”. 

Other sports labels that won share were New Balance and Skechers, “boosted by their comfortable and versatile footwear, as well as their multitude of popular collaborations”. 

Nike’s problems last year were well publicised and despite having the biggest share of any of the brands mentioned in the report, that share is anticipated to have dropped 0.15ppts to 2.85%, “making it the biggest loser in the overall apparel market in 2024, as it fell behind in terms of innovation and fashion credentials”.

Stephens added that another market with much-talked-about issues in 2024, luxury apparel, “also saw a mixed bag of results. Those catering to ultra-wealthy customers remained the most resilient, with Hermès and Chanel both forecast to have gained market share to 0.55% and 0.59%, respectively, due to high-income consumers being less vulnerable to economic hardships”. 

In contrast to this, aspirational shoppers, who tend to rely on their savings to afford status symbols, were much harder hit, causing more accessible luxury brands to suffer. 

Admittedly, “accessible” in this case still means fashion selling at the kind of prices most consumers couldn’t come ear to being able to afford. Gucci, for instance, experienced the biggest downturn, with its market share anticipated to have dropped 0.10ppts to 0.38%.

UK retail mega-landlord Shaftesbury Capital has responded to speculation about its intentions in London Covent Garden confirming that it’s in talk on a link-up with an investment bank.

The property giant, which also owns vast tracts of London’s wider West End, said it “notes recent market speculation and confirms that it is in advanced discussions with Norges Bank Investment Management (NBIM) regarding a potential long-term partnership in relation to the company’s Covent Garden portfolio, which was independently valued at £2.7 billion as at 31 December 2024”.

If the deal goes ahead, it’s likely that NBIM would become a 25% shareholder in the Covent Garden portfolio, “acquiring the position in line with the December 2024 valuation”. But Shaftesbury Capital would retain “control and management of the portfolio”.

It said the transaction “would position the company strongly to pursue further long-term value creation and growth opportunities across its portfolio”.

At this stage there’s “no certainty that any transaction will be agreed” and further announcements “will be made in due course as appropriate”.

It’s a major development for the London stock exchange-listed business that has a market value based on its share price of £2.41 billion, lower than the value of one chunk of its property holdings.

The company was formed exactly two years ago as West End landlord Shaftesbury and Covent Garden landlord Capco merged.