Stitch Fix chief executive to move to chairperson role
Stitch Fix founder Katrina Lake is to step down as the company’s chief executive and become its executive chairperson instead.
Due to take up her new role on 1 August, she will be succeeded as chief executive by Elizabeth Spaulding who is currently president of the online personal styling service.
When assuming her new position, Lake (pictured) will remain as a Stitch Fix employee and will be responsible for the company’s social impact efforts, particularly with regard to the link between sustainability and technology in fashion retail. She will also continue to contribute to its brand and merchandising partnerships.
Lake founded Stitch Fix in 2011 when she was a Harvard Business School student. The company now has an annual revenue of $1.7 billion and serves nearly four million customers across the US and UK.
Lake said: “In founding Stitch Fix, I was inspired by a very human problem, to help people look and feel their best by finding clothes they love. Ten years into this journey, I’m even more inspired by this simple mission, proud of the way we’ve delivered against it, and incredibly optimistic about our future.”
In her current role, Spaulding has been responsible for driving Stitch Fix’s next phase of growth, including the expansion of the next generation of consumer shopping experiences, inventory management innovations and international expansion.
Prior to joining Stitch Fix, she spent more than 20 years at Bain & Company where she served on the board of directors and was global head and founder of the digital practice.
Lake added: “The impact Elizabeth has already had, combined with the compelling future vision she’s mapped out and is leading us toward, make this the right time for a leadership transition that will usher in the next generation for Stitch Fix, for our business, our people and our clients.”
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