Stitch Fix news and archive

Stitch Fix Q4 revenues decline by 12.4 percent

Online personal styling service Stitch Fix reported fourth quarter net revenue of 319.6 million dollars, decreased by 12.4 percent or by 18.3 percent adjusted for the impact of the extra week. Gross margin for the quarter of 44.6 percent, increased by 50 basis points, net loss was 35.7 million dollars and diluted loss per share was 29 cents. The...

BusinessFeatured

Fundraising crunch could hit fashion start-ups

The fashion startup ecosystem is experiencing a significant downturn as founders grapple with an increasingly challenging fundraising environment. Recent data from Carta, a leading equity management platform, reveals a troubling trend of company closures that has been steadily rising over the past two years, with fashion-focused startups...

Business

Stitch Fix Q3 revenues decline 16 percent

Stitch Fix’s third quarter net revenue of 322.7 million dollars, decreased 16 percent year-over-year. Gross margin for the quarter of 45.5 percent, increased 280 basis points, net loss was 22 million dollars and diluted loss per share was 18 cents. The company reported adjusted EBITDA of 6.7 million dollars. Commenting on the third quarter...

People

Stitch Fix appoints new chief people officer

Personal styling platform Stitch Fix has announced the appointment of Lillian Reaume as the company’s new chief people officer. Reporting to CEO Matt Baer, Reaume will oversee all people-related functions for Stitch Fix, including talent management, leadership development and DEI. She joins the company from cybersecurity firm Rubrik, where she...

Retail

Some clothing rental businesses are seeing subscribers dwindle

Monthly subscription fees ranging from 79 to 240 dollars for rented clothes may be perceived as an unnecessary expense, prompting subscribers to cancel their memberships. It is one of the reasons companies like Rent the Runway is banking on clothing from in-demand designers to retain customers and counter recent subscriber losses, while rival...

Fashion Featured

What we’ll wear in 2024: 8 key trends from Stitch Fix

In an industry that is forever evolving, trends are as fast-paced as ever before. As the end of the year looms in sight, many companies are looking for ways to stay ahead of the curve. Enter Stitch Fix, whose annual trend report is here to help brands and retailers identify some of the most sought-after-fashion trends for 2024. Driven by...

Business

Stitch Fix Q1 revenues decline by 18 percent

For the first quarter, Stitch Fix, Inc. reported net revenue of 364.8 million dollars, a decrease of 18 percent, while net loss reached 26.2 million dollars and diluted loss per share was 22 cents. The company’s adjusted EBITDA was 8.6 million dollars, which Stitch Fix said, exceeded the high end of its first quarter 2024 guidance. During the...

Business

Stitch Fix names new chief product and technology officer

Personal styling service Stitch Fix has announced the appointment of Tony Bacos as its chief product and technology officer, beginning immediately. Bacos, who will report to CEO Matt Baer, has been tasked with driving product innovation, optimising the platform’s client experience and growing the business. As part of his role, Bacos will work...

Business

Stitch Fix posts drop in Q4 revenue, but narrows losses

Stitch Fix has reported a 22 percent drop in revenue in the fourth quarter, but managed to narrow its net losses amid an ongoing turnaround strategy. The online styling platform generated net revenue of 375.8 million dollars in the quarter ended July 29, down from 481.9 million dollars the prior year. On a brighter note, the company narrowed its...

Business

Stitch Fix officially confirms UK exit

Personal styling platform Stitch Fix has confirmed its departure from the UK market after it was heavily impacted by the current macroeconomic climate. In early June, the company had revealed it was mulling the decision to exit from the country in the fiscal year 2024 after its net revenue dropped by 20 percent for the third quarter of the...

BusinessFeatured

Stitch Fix names new CEO, founder to step down from role

Personal styling platform Stitch Fix has announced the appointment of Matt Baer as chief executive officer and member of the board of directors, effective June 26. Baer, the former chief customer and digital officer at Macy’s, will be aided by founder, interim CEO and executive chairperson of the board Katrina Lake, who will work closely with...

Business

Stitch Fix mulls UK market exit, lowers US distribution network

Personal styling platform Stitch Fix has said that it is looking to explore an exit from the UK market in fiscal year 2024 due to continued impact from the current macroeconomic environment. The announcement came as the company reported a 20 percent drop in its net revenue for Q3 of FY23, down to 394.9 million dollars, which it noted still beat...