Oct 19, 2017

Stitch Fix files for IPO

Via Stitch Fix

Stitch Fix, a personal shopping subscription service founded by Katrina Lake, has filed for an initial public offering. The target raise is listed as $100 million, but that's likely a placeholder figure. It plans to trade on the Nasdaq under ticker SFIX, with Goldman Sachs and J.P. Morgan serving as lead managers.

Financials: The San Francisco-based company's S-1 filing lists a net loss of just under $1 million on $977 million in revenue for the year ending July 29, 2017. It also reports having been profitable in both fiscal 2015 and fiscal 2016 on revenue of $342 million and $730 million, respectively. These are particularly strong numbers for a venture-backed e-commerce company coming to market, particularly with a subscription model.

Venture history: Stitch Fix raised around $47 million since being founded in 2011, from firms like Baseline Ventures, Benchmark, Structure Capital, Lightspeed Venture Partners and Western Technology investment.

Partial liquidity: Stitch Fix founder and CEO Katrina Lake sold $1 million of shares back to the company last December, while Julie Bornstein (who stepped down as COO over the summer) sold back $1.9 million in January. The share price tied to those sales would value the company (undiluted) at around $1.97 billion.

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