Stitch Fix Named World’s Most Innovative Retailer in 2019
Stitch Fix is the top retailer on Fast Company's “The World’s 50 Most Innovative Companies 2019” list.
The World’s 50 Most Innovative Companies in the Retail Sector 2019
*Click here to see Fast Company's retail sector list.
The apparel subscription service retailer has set out to reinvent the shopping experience by delivering one-to-one personalization to shoppers through a combination of data science and human judgment. Millions of men and women discover and buy items through its personalized shipments of apparel, shoes and accessories, hand-selected by Stitch Fix stylists and delivered to shoppers’ homes.
The company was founded in 2011 by CEO Katrina Lake, who took Stitch Fix public in November 2017 at age 34. At the time, she was the youngest female founder to ever lead an IPO. Stitch Fix generated $1.2 billion in its fiscal 2018 with earnings of $45 million and took in $366 million in its first quarter of 2019, a 24% increase year over year. As of Q1 2019 it had 2.9 million active clients, up 22% year over year.
While impressive, what really makes Stitch Fix innovative is the company's use of data across every aspect of its business. According to Fast Company, it can offer personal styling at scale by soliciting millions of customers’ feedback and precisely measuring the clothes it sells, from more than 1,000 brands plus its own in-house labels. The merchandise team takes detailed measurements of each article of clothing and tags its texture and aesthetic. A proprietary platform then delivers potential matches to Stitch Fix stylists serving customers. Additionally, Stitch Fix brings innovation to suppliers by providing brands not only a vehicle for getting merchandise into the hands of new customers, but also a trove of unprecedented marketplace insights, such as whether plus-size women find their pants too long or men over 40 consider a shirt “too Brooklyn.”