In The Style has put itself up for sale as its founder returns as chief executive.
The Salford-headquartered online fashion brand has confirmed Sam Perkins will step down at the end of the year and be succeeded on an interim basis by Adam Frisby.
Mr Perkins had taken over as CEO from Mr Frisby, who had led the business for nine years, in January this year.
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He had joined from The Very Group where he has been managing director of its retail division since 2018.
Since stepping down as CEO, Mr Frisby has been the company's chief brand officer.
Chairman Jim Sharp said: "On behalf of the board, I would like to place on record my thanks to Sam for his contributions during his time as the group's CEO.
"Adam is excited to return to the role of CEO at this important time. As the group's founder and major shareholder, Adam is well placed to lead the business and ensure it delivers its considerable potential."
The move comes as In The Style appointed Lincoln International to help with its "strategic review" of the business.
In a statement, In The Style said it believes that there has been "limited liquidity" for its shareholders "for some time" and that the current market capitalisation of the company "does not properly reflect the underlying growth potential of the group which may be better realised under an alternative ownership structure".
It added: "The outcome of the strategic review may or may not result in a sale of the company or some or all of the group's business and assets.
"The company is not in talks with any potential offeror and is not in receipt of any approach with regard to a possible offer."
In The Style floated on the London Stock Exchange's AIM in March 2021 with a market capitalisation of £105m.
However, its shares have decreased in value by more than 80% so far this year.
In The Style has also confirmed its revenue dropped by 11% to £26.5m in the six months to the end of September 2022. It also slipped to a pre-tax loss of £3.1m after making a profit of £890,000 during the same period in 2021.
Mr Frisby said: "We have made important progress against our strategic priorities during the first six months of the year as we look to evolve our business and re-engineer our economic model.
"Highlights have included moving our warehouse operations, restructuring the way in which our teams work and, most encouragingly, launching FITS to a very positive customer reception.
"Our DTC channel delivered a robust performance in the current economic environment and the group's core operational metrics have remained solid, with gains in engagement levels and the customer base that were made through the pandemic period being maintained which provides a strong platform for future growth.
"We expect trading conditions to be challenging in the second -half. We will continue to focus on cost control and profitability, and we look forward to delivering further strategic progress over the remainder of the financial year. We remain very excited about the long-term potential of the group."
According to In The Style's website, Mr Frisby is the largest single shareholder with a 23% stake.
Other major shareholders include Lombard Odier Investment Managers, Causeway Capital Partners and Octopus Investments.
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