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2500 S. Power Rd, Ste 117 Mesa, AZ 85209 i nside this issu e The Virtues of a Team Player PAGE 1 Hack-Proof Your Cellphone PAGE 2 Meet Nicole Phillips PAGE 2 The Myth of Cheap IT Services PAGE 3 Turn Yourself Into a Talking Portrait From Harry Potter PAGE 3 The Importance of a Team Captain PAGE 3 Stitch Fix’s Fashion Revolution PAGE 4
THE BEST WAY TO BUY CLOTHES ONLINE STITCH FIX CHANGES THE FASHION GAME
It’s been a long-held belief that the retail industry most immune to the rise of e-commerce is fashion. But looking at clothes online hardly replicates the feeling of seeing a dress on the rack. Some customers even try on items in brick-and-mortar establishments before heading home to purchase them online. That’s why the remarkable success of Stitch Fix has shocked the industry and led many venture capitalists to regret passing on funding the company. The popularity of Stitch Fix is a combination of art and science. The art comes in the form of a personal stylist who selects clothes for you based on the style profile you complete upon signing up for the service. Aiding the stylists is a repository of data that notes the likes and dislikes of users with similar profiles. You pay a $20 styling fee for each box you receive, decide how often you’d like to receive a box, and send back any items that don’t work out. Because of the way the system works, the longer you subscribe, the better the stylists get at picking clothes you’ll want.
CEO Katrina Lake believes the growth of Stitch Fix stems from their uniqueness. “Stitch Fix is fundamentally different than anything you see in stores or online,” she says. “Our clients don’t have to deal with the burden of search or the paradox of choice. Our stylists match them with both the brands and trends we know they’ll love and new brands they’re excited to discover. It’s a much more effortless, convenient, and personal way to shop.” With more than 700 brands currently involved in the service and more on the way, Stitch Fix caters to clients of all tastes. In fiscal year 2015, Stitch Fix brought in $342 million in sales. This year, that number soared to $977 million. In October, they filed for an IPO, further proof that their growth shows no signs of slowing down. Turns out people will buy clothes online, provided they trust the seller to get it right.
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