In January 2020, Stitch Fix, the San Francisco-based online personal styling service, brought in Spaulding as president, and in August, 2021, she became CEO when Lake stepped aside to assume the post of executive chair of the company. Earlier, Spaulding had been the global head and founder of Bain & Co.’s digital practice.
“Despite the challenging moment we are in right now, the board and I still deeply believe in the Stitch Fix business, mission and vision. We know because of the hard work and foundation laid by this team that there is a great future available for this company and we are committed to getting the company on a path to achieve it,” wrote Lake.
Stitch Fix has been challenged by higher costs for marketing, staffing, a competitive landscape, and other issues, as well as belt tightening by consumers. Reached for comment Thursday, Neil Saunders, managing director of GlobalData, told WWD, “I think at Stitch Fix there is a sense that the company has lost its way and is trying to get back on track.” He said in the last quarter, there was a lot of weakness and “there are very few signs that the pressure is going to ease any time soon.”