This week’s business news included a huge item from women-owned and operated Stitch Fix, an online fashion retailer that offers personal styling advice.
The company, founded by former Grubhub Director Katrina Lake back in 2010, has filed confidentially for an initial public offering. Translation: You can soon own stock in Stitch Fix.
The company filed a confidential document with the Securities & Exchange Commission last Friday, according to Recode. Reuters previously valued the company between $3 billion and $4 billion.
Lake, the company’s founder, had previously been sexually harassed by a former partner at venture capital firm Lightspeed Venture Partners. She removed the harasser from her board of directors but was forced to sign a non-disclosure agreement at the time because she was in the middle of fundraising.
Her story is just one of many in the venture capital world, where sexual harassment runs rampant. While the equities market remains a boys club, stricter regulation gives us hope that Lake and her company will be able to succeed without being harassed by men all day.
In addition to acting as a nice redemption story, the news that Stitch Fix is filing for a public offering signifies that retail isn’t dead — it’s just a changing industry.
As malls are closing and traditional retailers such as Sears and J.C. Penney flounder, online retailers like Stitch Fix have managed to carve out a portion of the market by offering services such as personal styling.
- Alicia McElhaney / She Spends Issue #14