Katrina Lake, CEO of Stitch Fix, founded her company in 2011 and since then has built it into a $50 million enterprise. The San Francisco-based company plans to go public and raise $100 million in its IPO. The company is a unique subscription-based clothing, shoes and accessories company that ships items chosen by a personal clothing consultant who identifies each customer's personal style and budget.Each shipment is called a "fix" and can be ordered monthly, semi-monthly, or for special occasions. Customers receive shipments that are matched to their personal style and preferences. Customers are able to try merchandise at home and return what they do not want.
Lake founded the company while still at Harvard Business School and has been able to raise more than $42 million in venture capital. Shareholders include Baseline Ventures, Benchmark Capital, and Lightspeed Venture Partners. But the company has met some stiff competition from other companies creating similar type programs, such as Amazon Prime Wardrobe and Nordstrom Trunk Club.
So, Lake is taking the company public, seeking $100 million in capital to expand the company. The company plans to trade its shares under the ticker symbol, SFIX. Stitch Fix had net income of $33.2 million in 2016 on revenue of $730.3 million, and in 2017 experienced a net loss of $594,000 on revenue of $977.1 million.
Read more about Stitch Fix by visiting www.stitchfix.com
