On the heels of IPOs from Blue Apron and Snapchat, another big consumer startup seems ready to go public.
Personal styling service Stitch Fix has confidentially filed the paperwork to go public, reports Recode. The company is said to be looking at a valuation in the $3 billion to $4 billion range.
Founded five years ago by CEO Katrina Lake, Stitch Fix’s business model consists of sending boxes of clothing to subscribers based on their style preferences. Customers try clothes on, keep what they like and send back what they don’t. The company has previously announced it had revenues of $730 million in fiscal 2016. It recently expanded its services to launch a men’s business.
While Stitch Fix has a vocal and loyal customer base, it has undergone some notable management shakeups of late. COO Julie Bornstein announced she was leaving the company last week. And current CFO Paul Yee just joined the company last month, after the role was vacant for nearly half a year.
The company will also be one of few female-led businesses to go public in recent years; according to The Wall Street Journal, just 3% of companies to IPO between 1996 and 2014 had women CEOs.
Yet Stitch Fix might not be the only woman-led retail powerhouse to be eyeing a public offering in the near-term. Clothing rental company Rent the Runway is rumored to be on a similar trajectory.
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2017 has been a year full of high profile IPOs from consumer facing companies, but they haven’t always gone as well as founders had hoped. Blue Apron is trading roughly 30% below its initial price of $10 and Snapchat is more than 40% off its debut price of $24.
So who’s next after Stitch Fix? Dropbox seems a likely candidate, though investors continue to keep an eye on Uber and Airbnb, though both of those companies have indicated they’re not ready to make the jump yet.
