Stitch Fix is pulling out of initiatives that failed to promote growth.
Founder and CEO Katrina Lake said the company's "ambitious vision" caused "a loss of focus."
- Apparel box retailer Stitch Fix has committed to focusing on its core business and moving away from new initiatives.
- The company was founded on a model of linking human stylists and algorithms to send its subscribers desirable outfits.
- Stitch
Fix plans to pull back from its direct-buy option "Freestyle" and
restructure the service to focus on unloading excess inventory.
- The retailer will also stop building up its range of name brands, which it said did not perform well.
- "If Stitch Fix were a cat, it's reached its ninth life," said Rick Watson, CEO of RMW Commerce Consulting
