Fashion tech company cuts 20% of staff, CEO resigns

[January 07, 2023](Compiled and reported by Epoch Times reporter Li Yingying)Fashiontechnology companyStitch Fix, plans tocut down20% of employees; itsCEO(CEO) Elizabeth.Elizabeth Spaulding, also announcedResign.

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On Thursday (January 5), the company’s founder Katerina.Katrina Lake, in a memo to employees, said she would take a temporary role at the San Francisco-based company.CEOpost. The company also announced that it will close its distribution center in Salt Lake City.

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Falling sales at Stitch Fix have prompted plans to cut costs by $135 million this fiscal year. In the most recent quarter, the company’s active customers fell to about 3.7 million, down 11% from a year earlier, and net revenue fell 22% from a year earlier to $455 million.

This is the latest round of layoffs at Stitch Fix. In June last year, the company had laid off 330 people. In 2021, the company closed its warehouse in South San Francisco and laid off 162 people.

Those laid off will receive at least three months of wages and health care, Lake said.

“I am truly sorry that we will lose many great team members,” she wrote in the memo. “Despite the challenging times we are in right now, the board and I remain strong believers in Stitch Fix’s business, mission and vision.”

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Since November last year, the number of layoffs in the technology industry has continued to increase, and companies based in the Bay Area have shed more than 53,000 jobs worldwide.

E-commerce giant Amazon said on Wednesday that it willcut downMore than 18,000 positions, Salesforce said it will cut 10% of its employees, about 8,000 people. ◇

Responsible editor: Song Jiayi