- Stitch Fix, a personal styling company, just filed for an IPO.
- It was profitable the last two years, and had $US1 billion in revenue this year.
- It will trade under the ticker SFIX.
Personal styling service Stitch Fix filed for an IPO Thursday. According to its S-1 filing with the SEC, it plans to use the ticker SFIX.
The company claims nearly 2.2 million “active clients” and revenue of nearly $US1 billion for 2017. The company was profitable in both 2015 and 2016, with $US730.3 million and $US977.1 million in revenue, respectively. It claimed losses of under $US1 million for 2017.
“We strongly believe that most existing retail constructs are insufficient and out of date,” CEO Katrina Lake wrote in the filing. “I believe we are the best in the world at personalizing in apparel at scale, but I also know that we are just at the beginning of how powerful personalisation can be.”
Stitch Fix raised $US42.5 million in venture capital from firms like Benchmark, Structure Capital, and Baseline Ventures. The company claims to be seeking $US100 million from its IPO, though that is likely a placeholder number.
After stock liquidations in the last year, based on the share price, the company would be valued at just under $US2 billion, according to Axios. Goldman Sachs and J.P. Morgan will serve in lead advisory roles on the IPO.
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