U.S. fashion tech company to lay off 20 pct of salaried staff
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E-mail Xinhua, January 6, 2023
SAN FRANCISCO, Jan. 5 (Xinhua) -- U.S. fashion tech company Stitch Fix announced on Thursday that it is laying off 20 percent of its 1,700 salaried employees and the company's CEO Elizabeth Spaulding is stepping down.
Its founder Katrina Lake wrote in a memo to staff on Thursday that she would take over as interim CEO of the San Francisco-based company.
"We will be losing many talented team members from across the company and I am truly sorry," she wrote. "Despite the challenging moment we are in right now, the board and I still deeply believe in the Stitch Fix business, mission and vision."
The company is also closing its new Salt Lake City distribution center.
In the most recent quarter, Stitch Fix said active clients fell to around 3.7 million, down 11 percent compared to the same period of the prior year. Net revenue fell 22 percent year on year to 456 million U.S. dollars. Enditem
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