Stitch Fix – Rolling Spend: £64,712
The mail order retailer uses recommendation algorithms and data science to personalise clothing items based on size, budget and style.
Revenue for the company grew from $443.4m to $571.2m. Stitch Fix also reported nearly 4.2 million active clients, up 18% year on year. The company said that net revenue per active client was $505, surpassing the $500 threshold for the first time ever. Customers have been purchasing more items to keep at home, said Stitch Fix, as they now have more brands and price points to choose from.
In August, the company finally opened up its direct-buy option which is now known as “Freestyle,” to the public. This allows people to shop Stitch Fix for individual items of clothing without having to subscribe.
CEO Elizabeth Spaulding said that this should help Stitch Fix grow its addressable market in the coming year. The company’s next initiative will be to market and raise broader awareness around its offering, she also said.
Keep an eye on this company as new advertising campaigns will be launched across TV, radio and digital. Click here to see Stitch Fix’s MD and Marketing & Product Director.