A deal has been agreed for prolific digital acquirer Iconic Labs to take over In The Style, the ecommerce fashion brand founded in 2013 by entrepreneur Adam Frisby.
Iconic Labs has entered into non-binding heads of terms to acquire ITS Holdings 2023 Ltd, the holder of the entire issued share capital of In the Style Fashion Ltd, subject to due diligence.
Iconic Labs chief executive Brad Taylor said: “We are delighted to have entered into a heads of terms to acquire ITS Holdings 2023 Ltd.
“This transaction has been one of multiple opportunities carefully considered by the board of Iconic and we believe this proposed acquisition meets our objectives and wider strategy of fostering long-term growth and value for our shareholders.”
In the Style floated in 2021 but the group’s main operating arm was acquired from the verge of administration last year by private family office, Baaj.
Iconic Labs, which is currently headquartered in London, started life as Manchester-based WideCells Group in 2018 before changing its name to Iconic Labs in 2019 when two former executives from viral publisher Unilad joined the board. At the same time as the business added a new media and technology division focused on providing online marketing, content and tech-driven products.
