Stitch Fix has confirmed its departure from the UK market after being heavily impacted by the current macroeconomic environment.
The personal styling platform revealed in June this year that it was considering exiting the UK after reporting a 20% decline in net revenues in the third quarter of the current fiscal year.
However, the move to leave was thanks to its continuous strategic refocusing, which was launched to increase productivity and gain profits.
In a social media post, the company said: “Stitch Fix was inspired by a very human problem: to help people look and feel their best by finding clothes they love.
“Over the past four years, we’re proud to have helped thousands of people in the UK discover their personal style. Now, we’re sorry to say that our Stitch Fix UK journey is coming to an end.”
As a result of its exit, the company, which offers clients pieces from over 100 third-party brands, including the likes of Hobbs, Dune, Seasalt, Ted Baker and Levi’s, is offering customers up to 70% off on clothes they want to keep from their style boxes.
Orders will progressively decrease and end entirely by 31 October, the company revealed.
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