Katrina Lake

BIO:

Name: Katrina Lake
Title/Position: Founder and Interim CEO of Stitch Fix
Industry: Fashion Technology, E-commerce
Location: San Francisco, California, USA
Age: 42 - (24th of December 1982)
Net Worth: Approximately $205 million as of June 2022

Katrina Lake’s Story

Katrina Lake‘s went from being pre-med to starting a business in her apartment. Born in San Francisco to a teacher mother and a physician father, Lake initially wanted to follow in her father’s footsteps and enter medicine. But, Lake’s creativity made her pivot.

After earning a bachelor’s degree from Stanford University in economics in 2005, Lake worked at The Parthenon Group’s management consultancy and later at Polyvore. It was during her time at Harvard Business School, where she earned her MBA in 2011, that the idea for Stitch Fix was born. Combining her love for fashion with data analytics, Lake envisioned a personalized styling service that leveraged technology to cater to individual preferences.

In 2011, operating out of her apartment, Lake founded Stitch Fix. The company’s unique model, which blends data science with human stylists, quickly gained traction. Clients receive curated “fixes” of five items, tailored to their style, which they can try on at home before deciding what to keep.

This innovative approach revolutionized the retail experience, offering convenience and personalization.

Lake’s leadership and vision propelled Stitch Fix to new heights. In 2017, at 34, she became the youngest woman to take a company public, with Stitch Fix’s IPO raising nearly $120 million.

Today, she has stepped down as CEO but still serves on the board of directors and is on our list of the most inspiring women in business.

Career Highlights

Key Milestones:

2011: Founded Stitch Fix while attending Harvard Business School.
2017: Took Stitch Fix public, becoming the youngest woman to lead a company through an IPO at that time.
2021: Announced plans to step down as CEO, transitioning to the role of Executive Chairperson.

Achievements:

Industry Recognition: Named one of Fast Company’s “100 Most Creative People in Business” and featured in Fortune’s “40 Under 40.”
Board Memberships: Serves on the boards of Grubhub and beauty company Glossier.
Media Appearance: Featured as a guest shark on Season 11 of ABC’s “Shark Tank,” showcasing her commitment to supporting budding entrepreneurs.

Katrina Lake’s Net Worth

Katrina Lake’s wealth is primarily derived from her significant stake in Stitch Fix. At the time of the company’s IPO in 2017, she held a 16.6% stake, which contributed substantially to her net worth. In January 2021, her net worth surpassed $1 billion, marking her entry into the billionaire ranks.

However, as of June 2022, fluctuations in the company’s stock price adjusted her net worth to approximately $205 million.

Beyond Stitch Fix, Lake’s wealth is supplemented by her roles on various corporate boards and potential investments in other ventures.

Katrina Lake in the News

2021: Lake announced she would step down as CEO of Stitch Fix, transitioning to the role of Executive Chairperson. Elizabeth Spaulding was named her successor.
2022: Reports highlighted that Lake’s net worth adjusted to $205 million due to changes in Stitch Fix’s stock performance.

Quotes by Katrina Lake

“Creativity was definitely a big part of our household, and I remember always writing stories and being encouraged to be creative.”

“Ultimately, I didn’t quite find the company I wanted to join, but I met more than 100 entrepreneurs and realized that all these entrepreneurs were just as unqualified as I was. If I wanted to be this retailer of the future, or if I wanted to join the retailer of the future, I could just start it.”

“Clearly define what success means for you. Set short-term and quarterly career goals with your manager that will help lead you to your long term goals.”