Personal shopping subscription service Stitch Fix (San Francisco) saw underwhelming performance in its initial public offering Thursday. The company priced 8 million shares at $15 each, below its initial range of 10 million shares at $18 and $20, according to CNBC.
The subscription retailer’s shaky performance lately has negatively impacted interest from investors, as its rate of one-time purchases have been too high, raising concerns of its scalability.
The poor performance of other recently made-public e-commerce brands, including Blue Apron and Snap, have also given investors skepticism in the subscription model, due to their high marketing and customer acquisition costs.