Stitch Fix exceeds expectations with 2016 sales topping $730 million
Most retailers have faced serious losses in the past few months, but the San Francisco-based company, which sends personalized clothing selections to its users, is bucking that trend. The online retailer announced it earned $730 million in revenue for the fiscal year of 2016.
The company says 2016 marks its third consecutive profitable year and claims the high revenues exceed expectations. Stitch Fix works with a combination of personal stylists and data science to create custom clothing and accessories selections for its customers, a model it says has disrupted the shopping and e-commerce industries. In the past year it expanded its offerings to include Sitch Fix Men and Stich Fix Plus, a new service for plus-sized women.
Stitch Fix was founded in 2011 by Katrina Lake, the company’s current CEO. Though it has been largely successful since its founding, it has generated only $42 million in outside funding, a small amount in the world of Silicon Valley startups.
With the high revenues, the brand faces the question of going public, though it has not made any statement regarding its future financial plans. Stitch Fix recently lost its previous chief financial officer, Michelle Weaver, and has yet to announce who will replace her in the position.
Stitch Fix is headquartered in San Francisco and currently has more than 5,000 employees.
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