The fashion subscription service has announced that Lake will be transitioning from her role as CEO to that of executive chairperson of the board. She will be succeeded at the helm of the business by Elizabeth Spaulding.
The San Francisco-based fashion subscription service reported lower than expected Q2 net sales of $504.1 million on Monday, up 12% year over year from $451.8 million. The company’s quarterly net loss was $21.0 million.
The online styling service has reported a profit of $9.5 million in the first quarter, thanks to accelerated customer growth during the Covid-19 pandemic. On Monday, the company also named Dan Jedda as its new CFO.
Following a rough Q3 caused by coronavirus-related disruptions, the online styling service announced an uptick in revenues in the fourth quarter but failed to impress Wall Street with a net loss of $44.5 million.
Despite its digital focus, fulfillment delays meant that the company still felt the negative impact of the Covid-19 pandemic, reporting a 9% decline in Q3 revenue. The company is nonetheless optimistic for the future.
The San Francisco-based online styling service reported a 22% jump in its second-quarter revenues on Monday, growth that came in under analysts’ expectations and sent shares in the company plummeting 39%.
The online personal styling service reported a 21% increase in net revenue for the first quarter on Monday and announced the appointment of Elizabeth Spaulding as its new president, effective January 27, 2020.