Online personal styling service, Stitch Fix has announced founder Katrina Lake is to step down as chief executive.
Lake will transition to the role of executive chairperson of the board and will remain an employee with a focus on the brand’s social impact efforts, in particular the intersection between sustainability and technology in apparel retail.
She will be succeeded by Elizabeth Spaulding, who will take up the position from August 1, 2021.
In her current role as president, Spaulding is focused on driving the next phase of the company’s growth, which includes the expansion of the next generation of consumer shopping experiences, inventory management innovations and international expansion efforts.
Prior to joining Stitch Fix, Spaulding spent over 20 years at Bain & Company where she held multiple senior positions, which includes partner and global head and founder of digital practice.
She also served on the board of directors.
“In founding Stitch Fix, I was inspired by a very human problem, to help people look and feel their best by finding clothes they love. Ten years into this journey, I’m even more inspired by this simple mission, proud of the way we’ve delivered against it, and incredibly optimistic about our future,” Lake said.
“The impact Elizabeth has already had, combined with the compelling future vision she’s mapped out and is leading us toward, make this the right time for a leadership transition that will usher in the next generation for Stitch Fix, for our business, our people and our clients.”
Spaulding added: “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 personalisation at scale. We are creating experiences that will change the way people shop for generations to come.”
In 2011, Lake founded the online service and took the company public in 2017.