Stitch Fix Founder and CEO Katrina Lake will step down from the helm of the apparel subscription service on August 1, 2021, and current President Elizabeth Spaulding will move into the top role.
Lake will transition to the role of Executive Chairperson of the Board, focusing on Stitch Fix’s social impact efforts. She also will continue to be involved in brand and merchandising partnerships and offer guidance to the leadership team on hiring.
As CEO, Spaulding will focus on driving the next phase of the company’s growth, including the ongoing development of new consumer shopping experiences, inventory management innovations and international expansion.
Spaulding joined Stitch Fix in January 2020 after more than 20 years at Bain & Company, where she was a partner, served on the Board of Directors and was Global Head and Founder of the Digital Practice.
“The opportunity that we have ahead of us at Stitch Fix is extraordinary and grounded in Katrina’s vision and last 10 years of building personalization at scale,” said Spaulding in a statement. “We are creating experiences that will change the way people shop for generations to come. Given the seismic shift of apparel moving online, Stitch Fix is incredibly well positioned to become one of the most innovative and most transformative companies in the world.”
Lake founded Stitch Fix in 2011 and took the company public in 2017, making her the youngest woman at the time to take a company public. Stitch Fix now boasts an annual revenue of $1.7 billion with close to 4 million clients across the U.S. and UK.