Stitch Fix names new CEO, founder to step down from role

Personal styling platform Stitch Fix has announced the appointment of Matt Baer as chief executive officer and member of the board of directors, effective June 26.

Baer, the former chief customer and digital officer at Macy’s, will be aided by founder, interim CEO and executive chairperson of the board Katrina Lake, who will work closely with Baer as he transitions.

In a release, Baer expressed his excitement in joining Stitch Fix, noting his admiration for Lake’s creation, stating: “People are looking for a better way to look and feel great. Stitch Fix is uniquely positioned to deliver that for them.

“I look forward to working with the talented team at Stitch Fix and leveraging my years of experience building and scaling retail businesses to deliver a sustained future of profitable growth."

At Macy’s, Baer was credited with establishing the growth and strategic long-term vision of Macy’s and Bloomingdale’s digital businesses, as well as launching or scaling various initiatives, such as third-party marketplace, Macy’s Media Network.

Prior to the retail group, Baer served as vice president of e-commerce at Walmart, where he was tasked with leading the transformation and scaling of the company’s digital business.

Stitch Fix continues on “ambitious transformation” plans

Baer’s appointment comes as Stitch Fix continues on a mission to decrease its operational costs, with the past year seeing the firm announce a series of job cuts alongside notable revenue dips.

Earlier this month, the company also revealed that it was looking into exiting the UK market as part of its strategic refocusing of the business, in a bid to improve efficiency and maintain profitability.

Lake stepped into the interim CEO role at the beginning of 2023, after former CEO Elizabeth Spaulding stepped down amid what she dubbed “an ambitious transformation”.

Speaking on Baer’s appointment, Lake said: “When I returned to Stitch Fix as interim CEO in January this year, I was committed to finding an inspiring leader with a track record of excellent execution, passion for our mission and a clear dedication to serving our clients.

“With Matt as our CEO, alongside our experienced management team, and with the continued commitment, passion and expertise of the whole Stitch Fix team, I’m confident we can continue to build on our significant competitive advantage in leveraging data and stylists to deliver the most personal experience in the industry and drive growth for the future.”