Who is she?
Successfully founding Stitch Fix, a personal-shopping company, Katrina Lake has become one of the wealthiest entrepreneurs and has expertise in picking out styles of clothes for people. Stitch Fix has over 3 million current customers and has generated revenue of over $1 billion in 2018. Lake graduated from Harvard Business School with her MBA after switching from the pre-med program at Stanford University. During this time is when she pursued an idea of gaining a better shopping experience for people. Now that she has a family, and a mother of 2 toddlers, she understands the importance of spending time with family, and making shopping simpler. Since Lake is an early riser, she makes time to spend with her family. Each morning they read books and eat breakfast together. Katrina feeds on this energy in the morning to get through her workday with planned meetings or even spontaneous meetings that she just happens to pop in at.
What does she do?
As she was contemplating innovative ways to shop for clothes in one of her business classes, she believed the future did not look like going to malls or shopping centers to find clothes, or even online shopping. What she came up with was an extraordinary idea that consists of algorithms and expert stylists. Making it possible for clothes to be delivered straight to your front door, Lake has personalized the shopping experience for families that supports their tastes, budgets, and needs. Exchanging, returning, and paying for the merchandise is just as easy as a prepaid return envelope is included in the shipment.
But it hasn’t always been easy. As a woman entrepreneur, she has had to battle against stereotypes. Working with men with different viewpoints was a struggle and took some convincing and communication that Stitch Fix was a service that would benefit women. As it turns out, there was a market for men’s clothing at Stitch Fix so it has expanded its business to include this.
Lake has impacted the shopping culture by going above and beyond what anybody has ever expected. With her innovative ideas and entrepreneurial skills, she is going to stay ahead of changes and be the one to make the change.