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Stitch Fix has appointed Matt Baer as CEO, filling the role left vacant by Elizabeth Spaulding’s departure in January. Katrina Lake, Stitch Fix founder and interim CEO, will stay on as chairperson of the board.
“I’m incredibly excited to join Stitch Fix as CEO,” Baer said in a statement. Baer will take up the position starting 26 June. “As someone with retail in my DNA, I’ve long admired what Katrina has built with Stitch Fix — fusing AI with stylists to offer the most convenient shopping experience out there today. People are looking for a better way to look and feel great. Stitch Fix is uniquely positioned to deliver that for them.”
Stitch Fix has struggled in recent years leading up to Spaulding’s departure, which was preceded by multiple exits. In June 2022, the company laid off about 300 people. In its most recent earnings results, for the third quarter of 2023, the company reported a 20 per cent year-on-year decline in revenues to $394.9 million, though losses narrowed. Shares have fallen 25 per cent in the past year.
Prior to his stint as chief customer and digital officer at Macy’s, where he helmed the growth and strategic long-term vision of both Macy’s and Bloomingdale’s digital businesses, Baer was vice president of e-commerce at Walmart.com. Before this, he founded a digital marketplace and spent time at two retail startups.
“As we’ve got to know Matt, I, our board of directors and our management team were all impressed by his experience across all areas of retail businesses and his ability to identify the interconnected opportunities to positively impact the experience of our clients in the short term, while inspiring our teams to deliver an impactful vision for the future,” Lake said in the release.
During the earnings call, the company announced plans to continue cost-cutting and assess its UK expansion — including a potential reversal to focus more squarely on its US operations.
“With Matt as our CEO, alongside our experienced management team, and with the continued commitment, passion and expertise of the whole Stitch Fix team, I’m confident we can continue to build on our significant competitive advantage in leveraging data and stylists to deliver the most personal experience in the industry and drive growth for the future,” Lake said.
Stitch Fix’s goal is to turn a profit. Baer enters with this in mind. “I look forward to working with the talented team at Stitch Fix and leveraging my years of experience building and scaling retail businesses to deliver a sustained future of profitable growth,” he concluded.
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