Stitch Fix has hired a new Chief Product and Technology Officer to lead the struggling online personal styling service’s technology, product, data science, security and IT teams. Tony Bacos will begin today and report directly to CEO Matt Baer.
In this role, Bacos will work to better utilize Stitch Fix’s data science capabilities and stylist expertise as a way to improve personalization efforts, forge better relationships between stylists and customers, and unlock new growth opportunities for the business.
Bacos’ emphasis on growth connects to Baer’s priorities as a still-new CEO. When he joined the company this past June, he noted in a statement that he would use his “years of experience building and scaling retail businesses to deliver a sustained future of profitable growth.” However, since Baer joined the company, it has continued to struggle financially. Its results for fiscal 2023, which ended July 29, showed a 21% year-over-year net revenue decrease and a 13% drop in active clients.
“Since joining Stitch Fix in late June, I have spent time assessing every aspect of our business, operating model and organization; getting to know what our clients feel we do well and where we can do better; and identifying opportunities to both optimize in the short term and reimagine for the future,” Baer said in commenting on the earnings results. “Our current business results are not indicative of what I believe this company can deliver, and I am committed to realizing the full potential of Stitch Fix and driving long-term, profitable growth.”
Baer believes that Bacos’ expertise in ecommerce, saying in a statement that his “proven track record building products that solve customer needs, passion for fashion retail and strong leadership skills made him the right choice for this important role.” Bacos was previously Chief Digital Officer at Frontdoor, a provider of home service plans, where he led the company’s digital transformation by modernizing its operations and reinventing the customer experience. Prior to that, he was Chief Product and Technology Officer at Amazon Fashion, where he drove the turnaround of the business and led the team responsible for all aspects of the shopping experience.