– Fix this. Stitch Fix CEO Elizabeth Spaulding took over from founder Katrina Lake just over a year ago, as the company ramped up an ambitious strategy to move beyond the personal-styling box “Fixes” that launched its business.

Since then, the personal styling company has encountered some major hurdles on the road to becoming a more comprehensive shopping destination. Its stock was trading at $5.27 at close of market yesterday, down from $63 a year ago. A month ago, the company confirmed it was laying off 15% of its staff. The company reported year-over-year losses in revenue and 200,000 fewer clients than a year ago.

Spaulding recently sat down with Fortune‘s Susie Gharib for a video interview where she discussed her turnaround plan. “We’re in the middle of a transformation,” she told Susie in an interview released this morning. “That shift from our historic model to our destination of shopping and styling is taking time and it’s been bumpy. … We know we can do better.”

Courtesy of StitchFix

Stitch Fix benefited from a COVID boost, with more consumers shopping online. Now, as many shoppers return to retail stores, Stitch Fix has to find a longer-term way to support its business. “More people were discovering and starting with Stitch Fix,” Spaulding says. “That said, behaviors have changed.”

Spaulding’s top priority is bringing new clients to Stitch Fix. Active clients, she says, are still spending with the company; the problem is that there aren’t enough of them. Stitch Fix’s pivot to more traditional e-commerce comes with a total addressable market that’s two to three times the size of its original market for personal styling boxes. But based on the company’s financial results so far, outside observers may question whether enough customers want the new version of Stitch Fix the company has gone to such lengths to build.

Still, bringing more clients to Stitch Fix is a “clear and simple” goal—which is also part of the philosophy the longtime Bain executive brings to a difficult chapter. “Transforming and evolving a company is complex, hard work,” she says. But it helps to make “the spirit of what we’re doing incredibly simple and clear to our teams.”

Watch Susie’s full interview with the Stitch Fix CEO here.

Emma Hinchliffe
emma.hinchliffe@fortune.com
@_emmahinchliffe

The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Paige McGlauflin. Subscribe here.

ALSO IN THE HEADLINES

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- Anti-LBGTQ wave. Ten anti-LGBTQ bills went into effect across six states on Friday, including Florida’s “Don’t Say Gay” bill prohibiting classroom discussions of gender and sexuality. Alabama passed a bill at the eleventh hour requiring students to use bathrooms that correspond with their gender assigned at birth and enacted education policies similar to Florida’s. Legislation restricting transgender students’ participation in sports went into effect in Louisiana, South Dakota, and other states. The 19th*

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IN CASE YOU MISSED IT

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ON MY RADAR

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PARTING WORDS

"This has been an amazing comeback."

- Competitive eater Miki Sudo, who won the Fourth of July Nathan's hot dog eating contest in New York. She sat out last year's contest while she was pregnant.