Katrina Lake is a self-made billionaire woman that found her name in the list of Forbes in 2021. So, what is Katrina Lake’s net worth? She has quite a high net worth, considering her hard work and investments in finding her own company. It took her eleven years for reaching her up to the position that she is today. Her company, Stitch Fix, already used to earn millions, but it even got increased during the times of COVID-19. People, especially shoppers, prefer such a mode of shopping when they had to maintain distance and safety.
Lake stated during an interview that she strongly felt that the way people were shopping is not going to be the future. She realized that if she wanted a different future, then she would create it. Thus, she applied to business school as it felt bad for having a gap on her resume. It was also a great way for her to work on Stitch Fix for two years. Her goal was to get funded, pay herself a salary, and pay down her student loans, on the day she graduates. The worst-case scenario would be her doing MBA and going to work for a company if she does not succeeds.
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What is Katrina Lake’s Net Worth in 2022?
Katina Lake’s net worth was estimated to be $1.1 billion in 2021. During that time, she got named as among the nineteenth self-made women billionaires in the United States. However, her net worth saw a decline this year, and she is currently worth $760 million. It places her among the 37th self-made women of America. Katrina had accumulated such a high amount of net worth as the CEO of Stitch Fix and is also the co-founder of the company. Furthermore, the company saw a huge growth in revenue under her leadership. The company also saw a decline in their stock when she announced her plans of standing down as the CEO last year.
How Did Katrina Lake Turn Stitch Fix Into A Billion Dollar Company?
Katrina Lake established the Stitch Fix Company in 2011 while pursuing her degree of MBA from Harvard. It is a personal shopping company that uses expert stylists and algorithms for selecting a box of clothes for a person. Then, the person can buy the clothes from the comfort of their home after trying them on and return the rest that they did not want. However, Katrina did not have the required internet capacity for charging her customers initially or the trust of the customers for paying monthly. Later on, Eric Colson from Netflix joined her company as the Chief Algorithms Officer. Thus, Lake grew her business by combining marketing and data science.
Stich Fix had made sales of $730 million in 2016-17. In 2016, she also got listed in 40 under 40 in the Fortune magazine and one of the 100 most creative people in the business of Fast Company. The company that Katrina started as an internet-based went public in 2017 and she was the only woman for taking publicly an internet company in that year. The company also raised almost $120 million on the day of the first initial offering. Then, Retail Dive named her as the Disruptor of the year in 2018.
Katrina’s Stitch Fix Stock Trading
Katrina use to make $453, 032 when she was the director and CEO of the company. Furthermore, she made more than 53 trades of the stock of the company. She was last got seen selling stocks valuing $3,150, 676 for units of 100, 085 in the SFIX on November 16, 2021. Before that, she sold stocks worth $166, 387, 407 in the last six years. Her largest trade was for $7, 288, 028 on May 20, 2020, for units of 329, 775. Furthermore, she does trading of 62, 501 on an average every twenty days since 2015.
Is Katrina Still The CEO of Stitch Fix?
No, Katrina is not the CEO of Stitch Fix anymore. She stepped down from her position last year and announced it in April 2021. Elizabeth Spaulding took over her position as the new CEO of Stitch Fix. But, Katrina is still in the company as executive chairperson and handles social impact work. The stepping down announcement also led to the falling of stocks of the company during that day itself. Later on, the shares of the company continued falling and had fallen almost up to 16%, according to the last known report.
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