Get to know Matt Baer, the former Macy’s executive tapped by Stitch Fix to be their new Chief Executive Offer effective June 26, 2023.
Stitch Fix’s Search for a New CEO
Stitch Fix Founder Katrina Lake stepped back into the role of CEO on an interim basis while the online personal styling service searched for its next leader. (For more on the history of Stitch Fix and its founders, see Modern Fellows’ review of Stitch Fix, and learn why I returned everything in the box – twice.)
On June 14, 2023, Stitch Fix announced that Matt Baer would become its next CEO effective June 26. Founder Katrina Lake will remain Executive Chairperson of the Board.
About Matt Baer, CEO of Stitch Fix
Stitch Fix CEO Matt Baer comes to the San Francisco-based personal styling service from Macy’s, where he served as Chief Customer and Digital Officer from November 2021 through June 2023. He first joined Macy’s as its Chief Digital Officer in March 2020.
At Macy’s, Baer was responsible for the strategic direction and growth of the digital business for Macy’s and Bloomingdale’s online platforms, and for rebuilding the retailer’s dot-com teams after a move from San Francisco to New York during the COVID-19 pandemic.
Prior to Macy’s, Baer was Vice president for Walmart e-Commerce from January 2016 to March 2020.
He has also served as Founder and Chief Operating officer of now defunct New York-based e-commerce design startup Bezar, General Manager for Home and Kitchen at the also-now-defunct invention-focused startup Quirky and Executive Vice President at Fab.com. He began his career at the law firm of Boies Schiller Flexner.
Baer, Stitch Fix, Face Challenges Ahead
Baer takes the reigns of Stitch Fix at a fraught time for the brand. In March 2023, Stitch Fix announced revenue declined 20% from the prior year and active users dropped by 11%.
He seems up to the challenge:
In announcing his move to Stitch Fix, Baer said he “grew up immersed in a local family retail business built on a reputation of quality and trust and “learned firsthand the power of brand, and, critically, to best serve customers they require individual service.”
He added that his experience has taught him that, “people are looking for a better experience – one that is highly personalized, that gives them confidence, that makes them feel great, and offers great value.”
Brands Like Stitch Fix Have Shut Down
Still, the new Stitch Fix CEO also has to contend with what appears to be a challenging business model to pull off. After a rush to develop subscription styling services in the late 2000s and early 2010s, a number of other high-profile online personal styling services have closed over the past few years:
- Amazon discontinued its fabulous Personal Shopper Service in March 2023.
- Nordstrom shut down Trunk Club in May 2022 after acquiring it and then massively writing down its value.
- British online personal styling platform Thread.com shut down its service abruptly in 2022 after its IP was acquired by Marks and Spencer.
- Menswear subscription styling service Bombfell ceased its operations in 2020 after a 10 year run.
Sizing Up Stitch Fix’s Alternatives
Stitch Fix’s current competitors include Wantable, Nordstrom’s Personal Styling Services, Amazon Prime Wardrobe’s Try-before-you-buy service, Menlo Club, Stately and Daily Look.
Stitch Fix Coupon
If you want to try Stitch Fix and see where its CEO Baer is taking the company, here is a coupon for a $25 credit when you check out your first purchase.
About JakeJake is passionate about exploring entrepreneurs' global journeys. He founded Modern Fellows in 2012 to get to know the entrepreneurs behind the innovative brands helping men dress sharp in the digital age. Jake has written about entrepreneurship, international business and/or fashion for outlets including Business Week, Forbes, Inc., Details Style Syndicate and Primer Magazine, and has provided analysis on international business for BBC Radio, NBC News, CNN and Time Magazine.
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