Silicon Valley Ecommerce Startup picking up where Retail is collapsing
SAN FRANCISCO — The retail scene is littered with the remnants of changing shopper habits. Customers are deal chasing on the web, retail establishments are struggling, and many well established brands are being finished off forever.
At that point there is Stitch Fix, a mail-order garments supplier that offers clients minimal decision in what articles of clothing they get, and shies away from discounts for brand name dresses, jeans and accessories.
Despite a plan that appears to be in cloud cuckoo land, Stitch Fix keeps on developing.
For the year that finished last July, the organization recorded turnover of $730 million. It has been increasing since 2014 and has raised just $42 million from private investors, a generally humble total for a high-flying Silicon Valley start-up.
And keeping in mind that Stitch Fix managers say they have no particular arrangements to go public, the organization is very well positioned for an IPO later this year