Stitch Fix to exit UK market
Personal styling platform Stitch Fix has confirmed its departure from the UK market after it was heavily impacted by the current macroeconomic climate.
Following a 20 per cent decline in net revenue for the third quarter of the current fiscal year, the company disclosed in early June that it was considering leaving the nation in the fiscal year 2024.
Its choice was eventually a result of its continuous strategic refocusing, which was started in an effort to increase productivity and keep a profit.
Stitch Fix made its official announcement in an Instagram post, where it said in a statement, “Stitch Fix was inspired by a very human problem: to help people look and feel their best by finding clothes they love. Over the past four years, we’re proud to have helped thousands of people in the UK discover their personal style. Now, we’re sorry to say that our Stitch Fix UK journey is coming to an end.”
Stitch Fix is giving consumers a discount of up to 70 per cent on the clothes they want to keep from their style boxes as a result of its shutdown.
People may still schedule boxes throughout the upcoming months, but orders will progressively decrease and end entirely by 31st October.
Stitch Fix’s UK platform offered clients pieces from over 100 third-party brands, including the likes of Hobbs, Dune, Seasalt, Ted Baker and Levi’s.
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