SFIX

Rent the Runway is betting that clothing from designers Diane von Furstenberg and Jason Wu can get customers to keep their subscriptions. Rival clothing subscription service Stitch Fix is staking its future on private brands.The different directions are part of companies’ bids to stem steep subscriber losses in recent months and declines in their stock-market valuations. Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 Rent the Runwayis betting that clothing from…

Several U.S. companies are slashing staff at the beginning of 2023, continuing the downsizing that took place last year as businesses recalibrate after growing rapidly at the start of the Covid-19 pandemic. Waning demand and weaker revenue forced many major employers to scale back payrolls and institute hiring freezes in 2022. That hangover has spilled over into the New Year.  The job cuts have been concentrated in the tech industry and have included Facebook parent Meta…

Stitch Fix Inc. SFIX 6.41% said it is cutting 20% of the company’s salaried jobs, its second major downsizing in the past year, and that its founder would return to lead the personal shopping and styling service. The San Francisco-based company said Elizabeth Spaulding would resign as chief executive after spending less than 18 months in the role. Katrina Lake, who was CEO…

Stitch Fix said it would cut about 330 jobs as the personal shopping and styling service grapples with a slowdown in sales and widening losses.The moves would affect roughly 15% of the salaried positions at the San Francisco-based company, and about 4% of its overall workforce, Chief Executive Officer Elizabeth Spaulding said in a memo to staff Thursday. Most of the reductions are in the company’s nontechnology corporate roles and styling leadership roles, the memo said. Stitch Fixsaid it would cut about 330 jobs as…