YouSaid · the spoken record

Katrina Lake

lines on the record: 100
first: 2019-07-24
most recent: 2019-07-24
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“It's a really... And I just enjoy it irrational loyalty. I love it. Yours is At KM Lake on Twitter or at k laker on Instagram.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“I'm like old and full of experience. I am who I am, and I'm not Right. All right. That's a good one. That's a good one to end on. Katrina, thank you for coming on the show. It's a really, I use very few businesses, but I do use this one. I don't know why. But I just enjoy it. Irrational loyalty. I love it. No, it's not. It's just enjoyable. I like it. I look forward to it. I like any product that either have products that either I find utilitarian, useful, entertain me, or it's a must-have. I think those are the three things of products these days as far as I can tell. That's great. And if all of them are combined, that's really great. So yours is useful and entertaining. It's not a must-have. I can get clothes anywhere, right? But I don't like shopping, so it's perfect for me. I really do like your product. It's great. That's not an ad for stitch fix, but I like it. Anyway, you can follow me on Twitter at Kara Swisher, my executive producer, Erica Anderson, is at Erica America. My producer, Eric Johnson, is at Hey Hey ESJ, Katrina. Where can people find you online?”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“It with you, yeah, and I was like, I mean, I don't know, like I am young, and I am inexperienced. Like, why should I pretend that I'm like old and full of experience? And so I think there are things like that that on the surface.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“I think, like, I mean, authentic is maybe the word. I have given up on pretending that I am anybody that I am not. And so the example I use a lot is using the word like, where, I mean, years I was doing, I forget it, maybe a talk with you. I don't remember, but I was doing a talk on stage and somebody tweeted at me or sent me a message on LinkedIn and it was like, hey, I loved your talk, but you say like too much. And it makes you sound young and inexperienced.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Interesting. Totally. Responsibility, really. I mean, it's our responsibility to bring people along and educate them and understand why stitch fixes is going to be successful over the longer term. You're an interesting company.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Ritual always seems to get it harder than other business. Sometimes I was talking to an analyst who was like being hard on maybe York. I can't remember which stock. And I was like, you gave a thing to this one, which is a Ponzi scheme as far as I can tell. Like, you know what I mean? Like, I'm watching closely. And it was interesting the judge level of certain businesses. It was one of the car companies that closed. I was like, come on.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and that, you know, it's funny, that whole retail or tech thing has actually been challenging also because, you know, I think there are, we have people who are looking at our metrics from a tech lens. We have people who are looking from a retail lens. And, you know, we're newer in this business. And so we're really.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Wall Street doesn't get retail as much as they give, they're not as fair to retail as they are, they're tougher on the things that they should be tough about as they are, say, on a social media company. They give more.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Is like that is a big part of their compensation. And so it was flippant for me to say that. And so it's flippant from, and so, but what I realized is that we need to respect where it is, but also we need to be making the decisions that are driving in the longer term. And so I can't ignore the fact that people do look at it and that people do get stressed when it's high or mostly when it's low, I guess. And so I do, I think we have to acknowledge it more, but I do think that the lens really should be around like, you know, you're getting a stock option grant that's going to last for four years and where is that value going to be over the longer term? And I mean, the stock is definitely been volatile. If you zoom out, it's going in the right direction. And I think we're really excited about the things that we're doing right now that can help us to continue to drive that way and to accelerate, hopefully driving that way. And so I don't know, my mind has changed a little bit of just like making sure that we are acknowledging it and making sure that we recognize.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“No, I don't think about that as much as I think what I, how would I articulate this? I think when I first, this is another learning, honestly, like when we first went public, probably kind of flippantly I was like, oh, like don't look at the stock price. It only matters where it is a few years from now. But the reality is like we're in Silicon Valley. Lots of people, the stock price.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Not that many. Yeah. So, two more questions. One, you talked about the stock being up and down. How do you assess your stock success? How does that affect you? Some people think maybe you'll get bought. Maybe you'll be. Do you think about that?”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“They do all the products and they make a great brand. Yeah, probably something like that. Not that many. Yeah. And so both of those, like, I do them because I love them. I learn a lot from them and I'm able to bring a lot of those learnings back to stitch fix. And I think, and they've both been fun.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“But it's growing. The whole market is growing. I know Grubhub is doing it profitably. Entering the picture. It's competitive, no question. And then Glossier, I love, I mean, I love Emily. She's a super inspiring entrepreneur. And I learn a lot from her too. And they're amazing at brand building. They're amazing at experience building. And those are things that we have less experience in doing. Which is their own.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“And they've been crazy uber. But they've been super successful. If you look There's so much that I've learned. I don't know if the market's a death match. But it's growing. The whole market is growing. I know that I just feel, oh, jeez. GrubHub is doing it profitably. Hunger games at some point. Like, there's too many people entering the picture.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“I love them both. So Grubhub, I joined before we went public, and that was, I mean, I've learned so much from that company, but they've grown a ton. They've been very fast growth company in a very competitive space. Sure, are posting all of them. But they've been super successful. If you look back and their stock is volatile like ours is, but you look at what they've delivered in terms of financial performance, and it's really impressive. And so I've learned a ton from that of a team that's really seen scale and has grown and continued to grow out of really large scale and doing it profitably, which we are also. And so there's so much of death.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, no, it's true. And I think some of that is founder not wanting to do it. Some of it is capability. But, I mean, I don't know. I've kind of loved all the stages, honestly. And each one is really challenging in its own way. And that has kept the job really interesting for me. But the number one thing that I am grateful for is just having an experienced team around me. And so Mike Smith, my COO, who's now been with me for seven years, like he was a CO of walmart.com. I mean, he'd seen so much, he's seen more scale than what we're currently doing. He's seen so much scale. He's an amazing leader. And I got to learn from him. And just being able to be surrounded by people that I was learning from who are giving me feedback, who are making me better. Like there is no question that that had probably the biggest impact in me being able to scale with the business.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“It's funny. You just kind of go along. It's a busy day That looked anything like me. And so And you never didn't want to not be CEO of this. Often founders are moved aside and stuff like that. How difficult is to grow as the company grows? Not everyone makes it, very few make it, actually, founders. It's interesting if you watch Bezos was one of them. There's just less than you think.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“I don't know why. You can ask investors. But it's just always been hard for me. I think you can be a good CEO with being good at a multitude of things. And there's some CEOs who are really good CEOs because they can raise tons of money and you can do a lot if you raise tons of money and that's just not me. So anyhow with the IPO, it was kind of rocky and we were pricing below the range and that was kind of sad. But it was also at the same time really like motivating where we all felt like, okay, that's fine. Everyone wants to underestimate us. We've lived through this before. We're like, we're going to do this our way. And that actually contributed to this like the picture that ended up getting passed around Twitter quite a bit of me up there with my son who was at the time of year. And there's like a shot list at the Nasdaq of like what all the pictures were and I was kind of like screw the shot list like we're just going to like do this our way and I like”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“These things mean more. And like the IPO picture is a good example where it's kind of a longer story, but I've never been good at fundraising. I've been terrible at fundraising and the IPO was kind of no exception or as little rocky. It was hard.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“The thing, right? Yeah, and that's and to be honest, I mean, I don't want to be terrible anyway. And so it's not like it's hard to do that, but I do feel like”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“I know that. That's fine. I'm not going to know, but you did. You stood up and talked about it enough, like in the way you did. But when you're a woman leader, do you feel that you have different expectations with Wall Street on you, or do you feel, or not? Or do you say this is the leader I am? Because there are so few.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Do you feel like you have extra duties as being a woman leader, one of the few? I mean, you yourself, we're not going to go into the stupid Justin thing, but thank you very much for talking to me about that, by the way. You don't understand how very few people talk on the record. Katrina was bothered by an idiot investor and was very brave enough to talk about it, which is unusual, by the way, just so you know.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“I don't know. I mean, I think there's a lot of things that are hard in terms of what, like, I think there's just a lot of expectations, I guess, of just like it's really hard. And I've gotten such thicker skin over this, but it's hard when you feel like you can't make every single person happy. And that's just like always going to be true. And at any given point, I think we're trying to like. I don't know, optimize for how do we make our clients happy, and that's first and foremost, but also doing it in a way that our employees are empowered. And so I don't know that I'd say that there's anything big and scary that I'm scared of, but I think there's just a lot that you have to think about in a role like this, and there's a lot of trade-offs, and they're not always easy things to trade off.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, maybe. And maybe that's the way we're used to it running. And so it's weird because it was like, I feel like I'm all about creating a new company. And yet I feel like when it came to sharing decisions like that, I don't know that I thought about it. And then now that I think about it through the lens of somebody who doesn't have all that context, and I'm like, of course they would want a better understand why we're making that decision. And so I'm just so much more thoughtful now in terms of how we communicate with employees and how much we want to share and sharing those decisions in really authentic ways to be able to say like here's what was hard about the decision and here were the trade-offs. And I don't know. So I think that like authenticity and communication has been another big learning for me. What's the thing?”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Whatever making behind the scenes. And I think what I've learned is actually sharing more of that and helping bring people along. It's like, it's good education. It's helping people to understand what the trade-offs are. And so I think that's another thing that has been just a really good learning journey for me. So that's a different way.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Like, you know, people are like, what? And I'm like, I'll leave you off my reference list. No, no, but you. And it So, one is finding amazing people. And I think the second one is actually more, it's like about, it's broadly about communication is maybe the way I put it, of just like how as the organization is thousands of people, like so many of these decisions that we make, we make them really thoughtfully and we look at it, we turn it over a thousand different ways and then a decision is made. And like a lot of times as an employee in the organization, you just hear about the decision and you don't hear about all of the.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“It's interesting because I get called a lot about references. I often say, no, they're awful people. Like, you know, people are like, what? And I'll leave you off my references. No, no, but you know what I mean? Like, it's so funny. Someone called me the other day and I'm like, oh, they didn't get to hire someone. I said, oh, you can miss that bullet. And they're like, what? And I'm like, that person's a jerk. And they're like, what? We hadn't heard that. I'm like, well, then no one's telling you the truth. And it was interesting because it's just interesting when I think about that myself. So one is finding. So one is finding”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“It's very easy for somebody to say, like, oh, yeah, I like them. It's actually a much higher bar for someone to be like, I.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Now, what I listen for is not enough for somebody to say, oh, yeah, like, I liked working for Kara. Like, I want somebody to be like, I love working for her. And this is why these are the things that she did. And that difference between like, I like, I like them and I love them is like a huge difference because that love is where you get that irrational loyalty and someone who like just like is hearts and minds invested. And so like that's, I think, just like hiring really amazing people that people love to work for is something that I undervalued and today I just like so”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“I don't know. I mean, I think one of the things that has, there are two big learnings that I feel like I've had, and one is just how valuable really good people are. And when I feel like I used to like, you know, you're going to hire somebody and you call references and you do back channels and whatever.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“And so All right, I want to finish up talking about a couple more things being a woman leader, but I want to, before I get to that, before I get to that, I know you have to endure those questions all the time, and men don't have to, but you are one of the few. You're one of the few women leaders. But when you think about things that you're scared of as a CEO, let's get into that way. What is something you've done that you've been like, oh, that was a mistake, or I shouldn't have done it that way.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“And unquestionably, our data is helping us to learn that more and more. But those human connections and even that license to say that to you, that's something that I think only a human judgment can do. And so that's remarkably different about our model. And that's also what is really special about our model. And those are more of the adjectives and associations that I would love for us to be known for.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“I mean, it takes time, and I think, and it's also showing them a little bit more around everything that we sell is one-to-one personalized. We have a stylist who is remarkably human that somebody would say in their note, like, I get your style now. And it's androgynous and simple. Like that is a remarkably human thing for somebody to say. I”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“No, and that's, I think, I love that our incentives are aligned. We don't profit unless you are finding things that you love. And so this idea of charging somebody in the background for something that they're not getting value out of, like that's absolutely not what we do. And that's part of the reason I bristle a little bit when people use the word subscription with our business.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“We're not You pay for it when you get it, absolutely. And while you can get fixes, get it quarterly or get it every other month. First of all, you don't have to. You can do it all a cart anytime. And there's no notion of like, I'm committed to paying a certain amount every month. You're really just paying me.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, we have a wide variety of ways, and we're committed to diversifying our marketing channels so that not one channel is more than 50%. But yeah, of course, Facebook and Instagram. And we do podcasts actually. We do a lot of advertising on podcasts. A lot of people listen to podcasts. It's a good thing. And we also use radio. We also use TV. And then what we're sophisticated with now is to be able to attribute where people are being exposed to stitch fix and how we're getting them through the funnel. But stitchfix is a really different type of because you're not apparel actually.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“I don't know. I mean, all these things that I just mentioned. I think you look at the way that people are cobbling this together now. You can cobble together kind of like what are the things I like and then you can use your stitch fix closet or you can, there's other, actually there's other closet apps, but it's all kind of a disparate experience today.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, you know, I think this idea of like, how do you merge all of the sensory inputs that you have? Like you think about like you're going through Instagram and you like some things, you see something that somebody's wearing when you're walking by and you like that and like how do you actually merge all of those into like the collective this is my style and this is who I am and then be able to execute on that like I think today like all of that is really disparate like you're liking things on Instagram you'll be pinning things on Pinterest and then that's totally disconnected from like your online browsing experience where you're still going into Google or whatever search platform and searching for things and and so I think you know I think the future is going to be just a more cohesive way for you to be able to kind of ingest and understand what your style is and then a more effective way to be able to show up like the person that you want to show up and and I don't know that I've seen that yet I feel like I've seen like bits and pieces of it but”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“No matter what I objective brand experience, whatever. Online Sweatsh Who was experiential? It was different. Well, just not in our immediate future. We honestly just have too many other growth initiatives right now. But I think it's interesting. I don't think the stores are dead. I think they just are going to occupy a very different place in the consumer journey. And I don't know. I'm excited to see what that looks like.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Having a fine event. That, but not so much if it's like not even cigarettes these days Nike Star is another great example of this like a brand experience. I know it's just going to be a headache in there.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Yes, and they just do pop-ups. And those are amazing experiences or places where you can experience the brand, where you can try things and take pictures for sure and connect with the brand. And so, you know, I think that's a good example of what a new version of a store can be. And I don't know what that's going to look like for Stitchfix. But I think there is a place in the world for stores. I think it's just going to be very different than what we saw in the past. And so I think we're just in the middle of this inflection point of like a store that's set up for I'm just going to take your money and sell you products”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“And so, if your store is a transactional convenience based play, I think it makes it really hard to compete against like an Amazon. But like a glosse, that's a great example. People are waiting like an hour to go into that store. This is in line.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Glossier does. Glossier. Wait for an hour and an hour to get. No, we don't Today we just see so much growth in online and just doing what we do direct to consumer today. And so it's just not part of our growth plans right now, which isn't to say that it won't be in the future. But I don't know. I hope that it's not the end of stores, honestly. I think it's just more of thinking through like, how does a store fit into your business? And I think the old version of what a store was is like it's a place for a transaction. You come in, you find something, you pay for it. And like the reality is like e-commerce is almost always going to be quicker and faster.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and I think in some categories that's useful. And for some people, that's really useful. But I mean, by and large, people are going to be able to wear off the rack clothes. And the question is, though, which ones are going to be best for you? Because different brands are going to be cut differently. There's, you know, in some cases, a petite offering is going to be better for you. And so, you know, I think being able to have a broad assortment with lots of different vendors, we have a measure behind the scenes that we call latent size. And so you might think that you're a size four, but like we actually know if you're a bigger size four or a smaller size four. And so we're able to match you with the product that's going to be better, even within just that one narrow band of what's going to fit you best. And so, you know, I think that that capability is going to be much more useful of like trying to make sure that you can navigate that huge world to figure out what product is right for you and that it's kind of a rarer case.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Absolutely. They've tried a lot, and we definitely keep an eye on them. But I think the thing that keeps me up at night is more of just like, how do we innovate faster? How do we get even better and better at this? I feel like I'm more thinking.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“I mean So you're not worried about all their formulas and different things and relationships with customers. They slowly marched into things. Absolutely. They're marching more towards furniture right now, but they march towards apparel.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, it's impossible not to think about Amazon. I mean, they're an incredible company and they've innovated in so many different spaces and they're willing to try anything. And I give them so much credit for that. And so we absolutely keep an eye on them. But I think what gives us confidence is that personalization is all we do. 100% of our success depends on our ability to get you the blazer that you want and the genes that you want. And so we're really, really focused on this one capability as being the way that we're going to be able to win an apparel in the future. And I think that focus is so far well invested where we feel really confident in that. And I look into the future of retail apparel and I do still think that personalization is going to be the way that you're going to be able to grow and continue to unlock and be successful in the future.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“And that's the opportunity. And I think that's why you're seeing so much innovation in this space, because I think the age-old equation of how do you bring something online, which is like, I'm going to sell it cheaper, I'm going to ship it to you faster. Convenience. Convenience. And that was the equation of how are you going to migrate dollars offline to online. And in apparel, it's just not what people are looking for. Like no one is going and going online thinking like, oh, I have a date tomorrow. I want to look really great. Let me find the cheapest black dress that's going to ship to me fastest. Like that is not how people buy apparel. And so I think that's really why you're seeing all of this innovation around what people are actually looking for in the value proposition of apparel and that these are all going to be the vehicles that help to unlock more and more of that market share that's still stuck in stores.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“Facebook just steals their ideas. And it's a crazy thing because 80% of in the US, 80% of apparel is still bought in stores. Right. Like Amazon has single digit market share today. Today. Exactly.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT
“I think it's competing. I mean, I love it. I love what they're doing. I love that they're encouraging consumers to try to consume apparel in different ways. And I love that it's just another innovator in the apparel space, which is like 80% of this $400 billion world is still being sold in brick and mortar stores. So anything that is kind of innovating and unlocking some of those dollars is a good thing.”
2019-07-24 · Decoder with Nilay Patel · Recode Decode: Stitch Fix CEO Katrina Lake · IDENTIFIED FROM THE TRANSCRIPT