In case you haven't noticed,
The stylist-in-a-box start-up Stitch Fix has been around since 2011 — and it's been quietly making a killing. Earlier today, the company shared
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How is this clothing company killing it? CEO Katrina Lake, a Harvard Business School grad, has blended professional styling, data science, and personal taste into a winning, if unsexy, formula. Stitch Fix members fill out a style profile, which stylists then use to handpick a "Fix" of five items — clothing, shoes, and accessories from the company's 250 brands it carries. Customers choose what they like and send back the rest for free. The catch is there's a $20 styling fee, but it can be applied to clothes that are bought. (On the flip side, there is a 25 percent discount for shoppers who keep all five items, which of course incentivizes shoppers to keep the haul.)
If this sounds a whole lot like
"Our partnership between data science and expert human styling is core to what we do. It's also what allows us to drive personalization at scale," the company wrote earlier today. "And we've been able to apply data science to many other challenges in retail, including inventory management, warehouse management, product development and supply chain — to name just a few."
Stitch Fix has raised some $42 million in three rounds of funding, which isn't a whole lot for Silicon Valley wunderkinds. But there's no doubt the company will continue to expand.