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Stitch Fix (SFIX), the publicly traded online personal styling service, expanded its tech portfolio Friday with the purchase of digital wardrobe startup, Finery.
In an email sent to its users, the Finery co-founders, actor and model Brooklyn Decker and CEO Whitney Casey, made the announcement stating, “We couldn’t be happier to have the technology we’ve worked so hard to build in their (Stitch Fix’s) hands.”
Finery uses patented technology to scan users’ e-receipts for purchases. The information then auto-populates to digitize a virtual wardrobe that can be accessed by users on their phones to assemble outfit options and to keep track of what a user owns.
“It helps you manage what you already own and shop strategically,” Co-founder Casey told Yahoo Finance’s Alexis Christoforous when Finery launched. “It’s your closet in the cloud.”
The free app and website debuted in 2017 and the venture was backed by female funds including Susan Lyne and Nisha Dua’s BBG Ventures and Jesse Draper’s Halogen Ventures.
Stitch Fix is a personal styling service that ships hand-selected clothing and accessories straight to your door. The online platform was founded by Katrina Lake in 2011, and Lake took it public in 2017 at the age of 34 — becoming the youngest female founder to lead an IPO, according to Forbes.
The financials of the acquisition of Finery by Stitch Fix have not been released.