Katrina Lake

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Katrina Lake
Born
Katrina Lake

December 24, 1982 (1982-12-24) (age 36) [1]
NationalityAmerican
Alma materStanford University
Harvard Business School
OccupationFounder and CEO of Stitch Fix

Katrina Lake (born 1982) is an American businesswoman who is the Founder and CEO of Stitch Fix, a fashion-based subscription service. Stitch Fix was established in 2011 in San Francisco[2] and went public in 2017.[3]Lake, who is the youngest woman in tech to take a company public,[4] was the only woman in 2017 to lead an initial public offering in technology.[5][6] Lake holds a 16.6% stake in Stitch Fix.[6] In November 2017, immediately after the offering, Stitch Fix was valued at $1.6 billion.[7] As of August 2018, the company was valued at approximately $2.8 billion.[8] In 2017, Forbes named Lake one of America's richest self-made women.[9]

Early life and education[edit]

Lake was born to a teacher and physician in 1983, and grew up in Minnesota and San Francisco. She initially wanted to become a doctor before she became an entrepreneur.[10] She began on the pre-med course, but became very interested in economics and business.[11] She has described herself as "risk averse".[12] She received her bachelor's degree from Stanford University in 2005.[10][13] In 2011, she completed her MBA at Harvard Business School.[14]

Career[edit]

Lake worked at Polyvore and management consultancy The Parthenon Group.[15][5] Lake's sister worked as a clothing buyer, and would send outfits to Lake.[2] She describes her fashion sense as "classic with a twist".[16]

Customers of Stitch Fix order "fixes" of five items, selected for them by professional stylists, as a one off or at scheduled intervals, and are subsequently given three days to choose which items they want to keep.[17]

Lake was inspired to create an e-commerce company that "pairs an army of stylists with an arsenal of data to deliver clothing" in 2011.[18] She has combined data science with marketing to grow the business.[19] In 2012, Lake was introduced to Netflix VP of data science and engineering, Eric Colson, who initially dismissed the business model as "whimsical" but within months joined the company as "chief algorithms officer".[20] In 2016-17, Stitch Fix had $730 million in sales.[10]

Lake was listed as one of Fast Company's 100 Most Creative People in Business [21] and in the 2016 Fortune (magazine) 40 under 40.[22] Lake was the only woman to take an internet company public in 2017.[23] She has commented that she had to be more efficient with her finances as she raised "a fraction of the cash of most venture-backed companies".[24][25] In 2018, she was named Disruptor of the Year by Retail Dive.[26]

Lake is a Board member at beauty company Glossier.[27]

Personal life[edit]

Lake married John Clifford, an investment professional, in 2014.[28] Lake has two sons. [29]


References[edit]

  1. ^ Smiley, Lauren (19 February 2019). "Stitch Fix's radical data-driven way to sell clothes–$1.2 billion last year–is reinventing retail". Fast Company. Retrieved 6 August 2019.
  2. ^ a b "How This Millennial Founder Created a $730 Million Fashion Startup--With the Help of an Algorithm". Inc.com. September 26, 2017. Retrieved February 13, 2018.
  3. ^ "These Billion-Dollar Women Are Changing The Face of Silicon Valley". Marie Claire. March 27, 2018. Retrieved April 17, 2018.
  4. ^ Draznin, Haley (July 31, 2018). "She's 35 -- and runs a $3 billion company". CNN. Retrieved July 31, 2018.
  5. ^ a b "How a 34-year-old Stanford and Harvard grad built Stitch Fix into a billion-dollar company that just went public". Business Insider. Retrieved February 13, 2018.
  6. ^ a b Gensler, Lauren. "Stitch Fix Shares Pop In IPO, With Retailer Raising $120 Million". Forbes. Retrieved February 13, 2018.
  7. ^ Hirsch, Lauren Thomas, Lauren (November 17, 2017). "Stitch Fix shares retreat after IPO pop, close at $15.15". CNBC. Retrieved February 13, 2018.
  8. ^ "Stitch Fix stock quote". Retrieved August 2, 2018.
  9. ^ O'Connor, Clare (November 29, 2017). "Stitch Fix Stock Surge Puts CEO Katrina Lake Among America's Richest Self-Made Women". Forbes. Retrieved July 31, 2018.
  10. ^ a b c Lien, Tracey. "Stitch Fix founder Katrina Lake built one of the few successful e-commerce subscription services". latimes.com. Retrieved February 13, 2018.
  11. ^ "Stitch Fix CEO Katrina Lake Wanted to Work at the 'Apparel Retailer of the Future,' So She Founded It". Fashionista. Retrieved February 22, 2018.
  12. ^ "10 Things You Didn't Know about Stitch Fix CEO Katrina Lake". Money Inc. October 31, 2017. Retrieved February 22, 2018.
  13. ^ "Katrina Lake of Stitch Fix on Building Diverse Teams". Retrieved November 1, 2018.
  14. ^ "Katrina Lake - Harvard Business School Digital Initiative". Harvard Business School Digital Initiative. Retrieved February 22, 2018.
  15. ^ "About Katrina | Getting Personal". katrinalake.wpengine.com. Retrieved February 22, 2018.
  16. ^ Fortune Magazine (July 21, 2015), Harvard MBA's Startup Success | Fortune's Brainstorm Tech 2015 | Fortune, retrieved February 22, 2018
  17. ^ "Katrina Lake is One of the 500 People Shaping the Global Fashion Industry in 2017". The Business of Fashion. Retrieved February 22, 2018.
  18. ^ "How This Millennial Founder Created a $730 Million Fashion Startup--With the Help of an Algorithm". Inc.com. September 26, 2017. Retrieved February 22, 2018.
  19. ^ "Stitch Fix CEO Katrina Lake on how she keeps her 'shopping in a box' a formidable business". CNBC. Retrieved February 22, 2018.
  20. ^ "Katrina Lake Stich Fix". Inc. October 1, 2017. Retrieved August 2, 2018.
  21. ^ https://www.fastcompany.com/person/katrina-lake
  22. ^ "Katrina Lake". Fortune. August 17, 2017. Retrieved February 22, 2018.
  23. ^ "Women in tech see today's Stitch Fix IPO as a milestone". Recode. Retrieved February 22, 2018.
  24. ^ "Stitch Fix's Katrina Lake Did More With Less Cash". Bloomberg.com. November 17, 2017. Retrieved February 22, 2018.
  25. ^ "Stitch Fix's CEO says 'We've been underestimated before'". Recode. Retrieved February 22, 2018.
  26. ^ https://www.retaildive.com/news/disruptor-of-the-year-katrina-lake/541897/
  27. ^ https://www.vogue.com/vogueworld/slideshow/katrina-lake-stitch-fix-west-coast-style
  28. ^ "How Stitch Fix's CEO Katrina Lake Built a $2 Billion Company". ELLE. February 28, 2018. Retrieved November 1, 2018.
  29. ^ Marius, Marley (13 March 2019). "How Stitch Fix CEO Katrina Lake Nails Working-Mom Style". Vogue. Condé Nast. Retrieved 2019-08-06.

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