Stitch Fix to launch UK online clothing platform as shares slide

Emily Nicolle
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Founder Katrina Lake is positive of Stitch Fix's ability to do well in the UK (Source: Getty)

Online personal shopping service Stitch Fix is planning to launch in the UK, amid slowed growth in its US earnings.

The UK will be Stitch Fix's first international venture, as the brand aims to go live for customers by the end of 2019.

The platform offers clients the opportunity to receive shipments of clothing chosen by stylists based on their responses to an online survey, choosing and paying for what they want, before sending back the remainder of the box for free.

The news comes alongside the US e-commerce firm's annual report, in which it revealed growth in its active user numbers over the last 3 months dropped from 30 per cent to 25 per cent. Its total active client numbers came in at 2.74m, which was slightly below consensus estimates for 2.8m.

Its share price plunged more than 25 per cent as markets opened on the earnings news, which was published late last night after Wall Street closed.

"We believe our ability to create a uniquely personalised shopping experience is something that will resonate with consumers and brands outside of the U.S," said founder and chief executive Katrina Lake.

Revenue at the brand rose 23 per cent year-on-year to $318.3m (£245.5m), falling short of the $319m predicted by analysts polled by Thomson Reuters.

Earnings, however, were reported positively. Net income for the period came in at $18.1m, compared to $4.5m in 2017.

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