The company’s stock price has skyrocketed as shoppers flock online during the pandemic, looking for convenience and safety. The 38-year-old entrepreneur appeared on Forbes’ Richest Self-Made Women list in October with a net worth of $360 million. Shares have nearly tripled in the last three months, pushing Lake’s stake in the company, which is just over 10%, over the billion-dollar threshold. Combined with cash and other investments, Forbes estimates she is worth $1.1 billion, making her one of just 19 self-made women billionaires in the U.S., along with the likes of Oprah, Gap cofounder Doris Fisher and Facebook chief operating officer Sheryl Sandberg.
A company spokesperson declined to comment.
Stitch Fix, which leverages data science and human stylists to send personalized outfits in the mail, has been on a mission to win over customers at a time when a trip to the shopping mall sounds particularly unappealing. During the first several months of the pandemic, shoppers pulled back on spending and it struggled to fill orders while its warehouses were temporarily closed.