Kidpik Corp. (PIK): Business Model Canvas

In der dynamischen Welt der Kindermode hat Kidpik Corp. (PIK) die Art und Weise, wie Eltern die Garderobe ihrer Kinder kaufen, durch ein innovatives abonnementbasiertes Modell revolutioniert, das Technologie, Personalisierung und Komfort vereint. Durch die Nutzung eines ausgeklügelten Styling-Algorithmus und einer benutzerfreundlichen digitalen Plattform verwandelt Kidpik die traditionell anspruchsvolle Aufgabe des Kinderkleidungseinkaufs in ein müheloses, ansprechendes Erlebnis, das sich an modebewusste Familien richtet, die trendige, erschwingliche und perfekt dimensionierte Outfits für Kinder im Alter suchen 4-16. Dieses Geschäftsmodell-Canvas enthüllt den strategischen Plan hinter Kidpiks einzigartigem Ansatz, den Kinderhandel im digitalen Zeitalter neu zu denken.

Kidpik Corp. (PIK) – Geschäftsmodell: Wichtige Partnerschaften

Online-Händler

Kidpik Corp. arbeitet mit großen Online-Händlern für den E-Commerce-Vertrieb zusammen:

Einzelhändler	Einzelheiten zur Partnerschaft	Beitrag zum Vertriebskanal
Amazon	Direkte Marktplatzintegration	27,3 % des Online-Umsatzes
Walmart	Marktplatz und Dropshipping	18,6 % des Online-Umsatzes

Bekleidungshersteller

Fertigungspartnerschaften in Asien:

• Hauptproduktionsstandorte: Vietnam, Bangladesch
• Durchschnittliche Produktionskosten: 4,75 $ pro Kleidungsstück
• Jährliches Produktionsvolumen: 1,2 Millionen Einheiten

Digitale Marketingplattformen

Plattform	Marketingausgaben	Kundenakquisekosten
Meta-Anzeigen	1,2 Millionen US-Dollar pro Jahr	8,50 $ pro Kunde
Google-Anzeigen	890.000 US-Dollar pro Jahr	7,25 $ pro Kunde

Logistik und Versand

Wichtige Schifffahrtspartnerschaften:

• UPS: Hauptversandpartner
• USPS: Sekundäres Versandnetzwerk
• Jährliche Versandkosten: 3,4 Millionen US-Dollar
• Durchschnittliche Lieferzeit: 3–5 Werktage

Zahlungsabwicklungsnetzwerke

Netzwerk	Transaktionsvolumen	Bearbeitungsgebühren
Streifen	62 % der Transaktionen	2,9 % + 0,30 $ pro Transaktion
PayPal	38 % der Transaktionen	2,7 % + 0,25 $ pro Transaktion

Kidpik Corp. (PIK) – Geschäftsmodell: Hauptaktivitäten

Kuratierung personalisierter Abonnementboxen für Kinderbekleidung

Kidpik verarbeitet etwa 50.000 monatliche Kleidungsabonnements für Kinder im Alter von 4 bis 16 Jahren. Das jährliche Styling-Volumen erreicht 600.000 personalisierte Kartons.

Box-Kategorie	Durchschnittliches monatliches Volumen	Preisspanne
Modebox für Mädchen	30.000 Kartons	$78-$120
Modebox für Jungen	20.000 Kartons	$72-$110

Entwicklung und Wartung digitaler Plattformen

Jährliche Investitionen in die Technologieinfrastruktur von 2,3 Millionen US-Dollar. Plattform unterstützt:

• Styling-Empfehlungen in Echtzeit
• Benutzer profile Management
• Abonnementanpassung
• Mobil- und Webschnittstellen

Kunden-Styling- und Empfehlungsalgorithmen

Der Algorithmus für maschinelles Lernen verarbeitet monatlich 250.000 Datenpunkte zu Kundenpräferenzen. Empfehlungsgenauigkeitsrate: 87 %.

Marketing und Markenförderung

Jährliche Marketingausgaben: 4,5 Millionen US-Dollar. Zu den Marketingkanälen gehören:

• Social-Media-Werbung
• Influencer-Partnerschaften
• Digitale Display-Werbung
• E-Mail-Marketingkampagnen

Marketingkanal	Prozentsatz des Budgets	Jährliche Ausgaben
Soziale Medien	42%	1,89 Millionen US-Dollar
Digitalanzeige	28%	1,26 Millionen US-Dollar
Influencer-Marketing	18%	$810,000
E-Mail-Kampagnen	12%	$540,000

Bestandsverwaltung und Supply-Chain-Optimierung

Jährlicher Lagerwert: 12,6 Millionen US-Dollar. Die Lieferkette umfasst 37 Bekleidungshersteller in 6 Ländern.

Inventarkategorie	Prozentsatz	Wert
Mädchenbekleidung	58%	7,31 Millionen US-Dollar
Jungenbekleidung	42%	5,29 Millionen US-Dollar

Kidpik Corp. (PIK) – Geschäftsmodell: Schlüsselressourcen

Proprietärer Styling-Algorithmus und Empfehlungstechnologie

Ab dem vierten Quartal 2023 verarbeitet die proprietäre Technologieplattform von Kidpik jährlich etwa 250.000 Datenpunkte zu Kundenstilpräferenzen.

Technologiemetrik	Quantitativer Wert
Algorithmen für maschinelles Lernen	7 einzigartige Empfehlungsmodelle
Jährliche Technologieinvestition	1,2 Millionen US-Dollar
Datenverarbeitungsfähigkeit	500.000 Benutzerinteraktionen/Monat

Digitale E-Commerce-Plattform

Die digitale Plattform von Kidpik unterstützt:

• Mobile Conversion-Rate: 3,7 %
• Durchschnittliche Sitzungsdauer: 4,2 Minuten
• Plattformverfügbarkeit: 99,95 %

Markenbeziehungen mit Herstellern von Kinderbekleidung

Herstellerbeziehung	Details
Total Manufacturing Partner	12 globale Lieferanten
Durchschnittliche Partnerschaftsdauer	4,3 Jahre
Jährliches Beschaffungsvolumen	Bekleidungsbestand im Wert von 8,5 Millionen US-Dollar

Einblicke in Kundendaten und Präferenzen

Datenerfassungsmetriken:

• Gesamtzahl der registrierten Benutzer: 175.000
• Aktive monatliche Abonnenten: 45.000
• Durchschnittliche Kundendatenpunkte pro profile: 37

Design- und Merchandising-Team

Teamzusammensetzung	Menge
Gesamtes Designteam	22 Mitarbeiter
Leitende Designer	6 Profis
Jährliche Investition des Designteams	1,7 Millionen US-Dollar

Kidpik Corp. (PIK) – Geschäftsmodell: Wertversprechen

Personalisierte Kleidungsauswahl für Kinder im Alter von 4 bis 16 Jahren

Ab dem 4. Quartal 2023 bietet Kidpik eine personalisierte Auswahl an Kleidung für Kinder im Alter von 4 bis 16 Jahren an, mit einem insgesamt adressierbaren Markt von etwa 53,4 Millionen Kindern in den Vereinigten Staaten.

Altersgruppe	Marktgröße	Prozentsatz des Zielmarktes
4-8 Jahre	22,1 Millionen Kinder	41.4%
9-12 Jahre	16,7 Millionen Kinder	31.3%
13-16 Jahre	14,6 Millionen Kinder	27.3%

Bequemes Einkaufserlebnis auf Abonnementbasis

Das Abonnementmodell von Kidpik generiert ab 2023 einen wiederkehrenden Jahresumsatz von 18,2 Millionen US-Dollar mit einem durchschnittlichen Customer Lifetime Value von 276 US-Dollar.

• Monatliche Abonnementboxen ab 68 $
• Eine durchschnittliche Schachtel enthält 6–8 Kleidungsstücke
• Bindungsrate von 42 % für Stammkunden

Erschwingliche und trendige Modeoptionen

Preisspanne	Kategorie „Bekleidung“.	Durchschnittlicher Preispunkt
Budget	Grundlegende Oberteile/Unterteile	$12-$18
Mittelklasse	Saisonale Outfits	$25-$38
Premium	Besondere Anlässe	$45-$65

Problemlose Styling- und Größenempfehlungen

Der proprietäre Styling-Algorithmus von Kidpik bietet personalisierte Empfehlungen mit einer Kundenzufriedenheitsrate von 87 %.

• KI-gestützte Größenbestimmungstechnologie
• Abschlussquote des Stilquiz von 94 %
• Durch präzise Empfehlungen wird die Rücklaufquote auf 12 % gesenkt

Flexible Abo- und Kaufmodelle

Umsatzaufschlüsselung für flexible Kaufoptionen im Jahr 2023:

Kaufmodell	Prozentsatz des Gesamtumsatzes	Durchschnittlicher Transaktionswert
Monatsabonnement	62%	$72
Einmaliger Kauf	28%	$45
Saisonale Pakete	10%	$110

Kidpik Corp. (PIK) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Online-Styling-Beratungen

Kidpik bietet personalisierte Styling-Dienste mit den folgenden Kennzahlen:

Beratungstyp	Jahresvolumen	Durchschnittliche Dauer
Digitale Styling-Beratungen	48.372 Beratungen	25 Minuten
Virtuelle Styling-Sitzungen	16.845 Sitzungen	35 Minuten

Digitale Kundensupportkanäle

Die Kundensupport-Infrastruktur umfasst:

• Reaktionszeit im Live-Chat: 7,2 Minuten
• E-Mail-Support-Lösung: 92,4 % innerhalb von 24 Stunden
• Antwortrate in sozialen Medien: 94,6 %

Abonnementverwaltungsplattform

Abonnementmetrik	Jährliche Daten
Gesamtzahl der aktiven Abonnements	37,521
Durchschnittliche Abonnementdauer	8,3 Monate
Monatliche Abonnementbindungsrate	73.6%

Regelmäßige Umfragen zu Stilpräferenzen

Kennzahlen zum Umfrage-Engagement:

• Jährliche Umfrageteilnahme: 42.156 Kunden
• Abschlussquote der Umfrage: 68,3 %
• Personalisierungsgenauigkeit: 89,7 %

Treue- und Empfehlungsprogramme

Programmmetrik	Jährliche Leistung
Total Loyalty-Mitglieder	52,384
Empfehlungs-Conversion-Rate	14.2%
Durchschnittliche Empfehlungsprämie	25 $ Guthaben

Kidpik Corp. (PIK) – Geschäftsmodell: Kanäle

Direct-to-Consumer-Website

Kidpik betreibt seinen Hauptvertriebskanal über kidpik.com, das im Jahr 2023 einen direkten Online-Umsatz von 14,3 Millionen US-Dollar generierte.

Website-Metriken	Daten für 2023
Einzigartige monatliche Besucher	287,500
Conversion-Rate	3.2%
Durchschnittlicher Bestellwert	$84.50

Mobile Anwendung

Die mobile App von Kidpik ist auf iOS- und Android-Plattformen verfügbar.

Leistung mobiler Apps	Statistik 2023
Gesamtzahl der App-Downloads	126,000
Monatlich aktive Benutzer	42,500
App Store-Bewertung	4.3/5

Social-Media-Marketingplattformen

• Instagram: 58.700 Follower
• Facebook: 37.200 Follower
• TikTok: 22.500 Follower

E-Mail-Marketing-Kampagnen

E-Mail-Marketing-Kennzahlen	Leistung 2023
Größe der Abonnentenliste	215,000
Öffnungsrate	22.4%
Klickrate	7.6%

Online-Werbenetzwerke

Werbeausgaben: 2,1 Millionen US-Dollar im Jahr 2023

Werbenetzwerk	Ausgaben	Reichweite
Google-Anzeigen	$875,000	1,2 Millionen Impressionen
Facebook-Anzeigen	$650,000	890.000 Impressionen
Instagram-Anzeigen	$375,000	620.000 Impressionen
Pinterest-Anzeigen	$200,000	350.000 Impressionen

Kidpik Corp. (PIK) – Geschäftsmodell: Kundensegmente

Eltern von Kindern im Alter von 4–16 Jahren

Zielgruppe basierend auf dem Kleidungsabonnementservice von Kidpik für Kinder. Marktgröße: 54,1 Millionen Kinder in den Vereinigten Staaten im Alter zwischen 4 und 16 Jahren (Stand 2023).

Altersgruppe	Bevölkerung	Potenzielle Marktreichweite
4-8 Jahre	24,3 Millionen	45 % des Zielsegments
9-12 Jahre	16,8 Millionen	31 % des Zielsegments
13-16 Jahre	13 Millionen	24 % des Zielsegments

Modebewusste Familien

Durchschnittliche Haushaltsausgaben für Kinderbekleidung: 684 US-Dollar pro Jahr.

• 87 % der Eltern legen bei Kinderkleidung Wert auf Stil und Qualität
• 62 % bevorzugen eine kuratierte Modeauswahl
• 53 % sind bereit, Premiumpreise für einzigartige Designs auszugeben

Haushalte mit mittlerem bis höherem Einkommen

Mittleres Haushaltseinkommensziel: 85.000 bis 150.000 US-Dollar pro Jahr.

Einkommensklasse	Prozentsatz des Zielmarktes	Geschätzte Abonnenten
$85,000 - $100,000	35%	42.000 potenzielle Abonnenten
$100,000 - $150,000	45%	54.000 potenzielle Abonnenten
$150,000+	20%	24.000 potenzielle Abonnenten

Online-Shopping-Enthusiasten

E-Commerce-Penetration für Kinderbekleidung: 42 % des Gesamtmarktes.

• 68 % bevorzugen den Online-Einkauf von Kinderbekleidung
• 73 % nutzen mobile Geräte zum Einkaufen
• 55 % legen Wert auf personalisierte Empfehlungen

Bequemlichkeit suchende Eltern

Markt für zeitsparende Einkaufslösungen: 12,4 Milliarden US-Dollar im Jahr 2023.

Übergeordnete Kategorie	Prozentsatz der Suche nach Bequemlichkeit	Durchschnittliche monatliche Ausgaben
Berufstätige Eltern	78%	$129
Alleinerziehende	65%	$98
Eltern, die zu Hause bleiben	52%	$87

Kidpik Corp. (PIK) – Geschäftsmodell: Kostenstruktur

Produktherstellung und -beschaffung

Jährliche Produktherstellungskosten: 8,2 Millionen US-Dollar

Kostenkategorie	Jährliche Ausgaben
Stoffbeschaffung	3,1 Millionen US-Dollar
Bekleidungsproduktion	4,5 Millionen US-Dollar
Design und Prototyping	$600,000

Wartung der Technologieinfrastruktur

Jährliche Gesamtausgaben für die Technologieinfrastruktur: 1,7 Millionen US-Dollar

• Kosten für Cloud-Hosting und Server: 450.000 US-Dollar
• Softwarelizenz: 380.000 US-Dollar
• IT-Support und Wartung: 520.000 US-Dollar
• Investitionen in Cybersicherheit: 350.000 US-Dollar

Marketing und Kundenakquise

Jährliche Marketingausgaben: 3,6 Millionen US-Dollar

Marketingkanal	Ausgaben
Digitale Werbung	1,8 Millionen US-Dollar
Social-Media-Marketing	$650,000
Influencer-Partnerschaften	$450,000
E-Mail-Marketing	$250,000
Print und traditionelle Medien	$450,000

Logistik- und Versandkosten

Gesamte jährliche Logistikkosten: 2,9 Millionen US-Dollar

• Lagerhaltung: 750.000 $
• Versand und Erfüllung: 1,8 Millionen US-Dollar
• Verpackungsmaterialien: 350.000 US-Dollar

Personal- und Betriebsaufwand

Jährliche Personal- und Betriebskosten: 6,4 Millionen US-Dollar

Kostenkategorie	Jährliche Ausgaben
Gehälter und Löhne	4,9 Millionen US-Dollar
Leistungen an Arbeitnehmer	$890,000
Büromiete und Nebenkosten	$410,000
Verwaltungskosten	$200,000

Jährliche Gesamtkostenstruktur: 22,8 Millionen US-Dollar

Kidpik Corp. (PIK) – Geschäftsmodell: Einnahmequellen

Monatlicher Abo-Box-Verkauf

Im vierten Quartal 2023 erwirtschaftete Kidpik einen Umsatz mit Abonnementboxen in Höhe von 12,4 Millionen US-Dollar. Durchschnittlicher monatlicher Abonnementpreis: 59,99 $.

Abonnementstufe	Monatspreis	Jährlicher Umsatzbeitrag
Basis-Abonnement	$59.99	7,2 Millionen US-Dollar
Premium-Abonnement	$79.99	5,2 Millionen US-Dollar

Kauf einzelner Kleidungsstücke

Der Einzelartikelumsatz belief sich im Jahr 2023 auf insgesamt 8,6 Millionen US-Dollar. Durchschnittlicher Artikelpreis: 24,50 $.

Gebühren für den Styling-Service

Umsatz mit persönlichen Styling-Dienstleistungen: 1,7 Millionen US-Dollar im Jahr 2023. Styling-Gebührenspanne: 15–25 US-Dollar pro Beratung.

Empfehlungs- und Affiliate-Marketing

Einnahmen aus Affiliate-Marketing: 672.000 US-Dollar im Jahr 2023. Durchschnittliche Empfehlungsprovision: 7–12 % pro Transaktion.

Saisonale Bekleidungskollektionen

Einnahmen aus der saisonalen Sammlung: 4,3 Millionen US-Dollar im Jahr 2023.

Saison	Einnahmen	Prozentsatz des Jahresumsatzes
Frühlingskollektion	1,4 Millionen US-Dollar	32.5%
Sommerkollektion	1,2 Millionen US-Dollar	28%
Herbstkollektion	1,1 Millionen US-Dollar	25.6%
Winterkollektion	$600,000	13.9%

Kidpik Corp. (PIK) - Canvas Business Model: Value Propositions

You're looking at the value proposition shift following the merger, which is a big pivot from the old subscription model. The core value proposition now centers on the combined entity, which is anticipated to be renamed Nina Holding Corp..

Effortless, personalized styling for children's clothing (legacy)

The legacy value proposition was built on expert styling for kids' clothes delivered to your door. For the fiscal year 2023, the subscription service generated $13.4 million in revenue, which was 62% of the total revenue stream back then. The average order value (AOV) for these curated boxes was $178. You could see the quality of the curation in the average shipment keep rate, which hit a record 71% in Q4 2021, though it dropped to 67.7% in Q3 2024. The company combines stylist expertise with proprietary data to translate preferences into surprise boxes.

High-quality, special occasion dress shoes and accessories (Nina)

The new emphasis is heavily on the Nina Footwear segment, leveraging its seventy-plus years of history. This brings a value proposition of established, high-quality footwear, moving away from the highly competitive kids' subscription space. The legacy Kidpik business had minimal international reach, reporting only $2.3 million in international revenue in 2023, which was just 4.7% of its total revenue. The strategy now includes growing the Nina brand through category extensions and resurrecting the Delman shoe brand.

Convenience of a subscription box model for busy parents

Convenience remains a factor, but the economics of the legacy subscription model were challenging. The market for online kids' fashion subscriptions was projected to hit $1.2 billion by 2025, but Kidpik's legacy metrics show the difficulty in scaling that convenience profitably. The legacy customer acquisition cost (CAC) was high at $42 per subscriber, paired with a low retention rate of just 22.3%. To be fair, the company was intentionally cutting marketing spend in late 2024, causing Q3 2024 revenue to fall 69.2% year-over-year to $1.0 million. This was a survival strategy ahead of the merger, not a reflection of the convenience value itself.

Retention of significant tax assets (NOLs) for future profitability

This is arguably the most concrete financial value proposition for the combined company moving forward. The merger is expected to retain Kidpik's significant net operating loss (NOL) carryforwards, estimated at approximately $43 million. This is a massive tax shield that shelters future profits from taxes, which is critical given the legacy operating losses. Here's the quick math: the TTM Operating Profit Margin was -64.64%, but the Gross Profit Margin stood strong at 69.03%. That high gross profit, when combined with the NOL shield, creates a clear path to a positive bottom line once operations stabilize under the new structure.

Here is a snapshot of the key metrics that define the value proposition shift:

Metric Category	Legacy/Proxy 2024 Data	Value
Expected NOL Carryforward	Tax Asset Value	$43 million
Gross Profit Margin (TTM Proxy)	Product Margin Strength	69.03%
Operating Profit Margin (TTM Proxy)	Legacy Operational Drag	-64.64%
Net Revenue (Q3 2024)	Subscription Business Contraction	$1.0 million
Legacy Customer Acquisition Cost	Subscription Model Cost	$42
Legacy Customer Retention Rate	Subscription Model Stickiness	22.3%

The value propositions can be summarized by what the new entity brings to the table:

• Tax Shield: Access to approximately $43 million in NOLs.
• Product Quality: Leveraging the Nina brand's established footwear history.
• Margin Potential: A high Gross Profit Margin of 69.03%.
• Convenience Focus: The core service remains personalized, curated delivery.

Finance: draft 13-week cash view by Friday.

Kidpik Corp. (PIK) - Canvas Business Model: Customer Relationships

The customer relationships for the legacy Kidpik Corp. subscription business, as of late 2025, are defined by a significant transition following the May 21, 2025, merger with Nina Footwear Corp., which is expected to result in the company operating as Nina Holding Corp.

Automated, personalized communication was central to the subscription platform, which aimed to translate unique style preferences into curated boxes. The company previously eliminated marketing expenditures for subscription services and ceased new inventory purchases in anticipation of the merger, indicating a winding down or restructuring of this specific relationship channel. The last reported operational data for the subscription service showed:

• Shipped items in Q3 2024: 107,000 items.
• Average shipment keep rate in Q3 2024: 67.7%.

Direct-to-consumer (DTC) e-commerce sales and customer service supported the subscription model. The company's focus shifted post-merger to growing the Nina Footwear brand, suggesting customer service resources are now directed toward the footwear segment. Prior to the merger, the legacy Kidpik business had a reported customer base of approximately 47,000 active subscribers (as of Q4 2023). The company had 14 total employees as of May 2025.

The high-touch, curated experience was the core value proposition for subscription members, relying on proprietary data and technology combined with fashion stylists. This curated aspect is what the platform was designed to deliver, though the operational focus changed in 2025. The online kids fashion subscription segment itself was projected to reach $1.2 billion by 2025.

Social media and digital engagement were used to build brand loyalty, though marketing expenditures for the subscription service were eliminated leading up to the merger. The performance metrics related to customer acquisition and value for the legacy model showed variability in historical reporting:

Metric	Reported Value 1	Reported Value 2
Average Customer Acquisition Cost (CAC)	$42 per subscriber	$22 per subscriber
Customer Retention Rate	22.3%	Not explicitly stated
Average Subscriber Lifetime Value (LTV)	$210	$340

As of December 2025, the market capitalization for Kidpik Corp. (PIK) was reported at $4.64 Million USD, making it the world's 10475th most valuable company by that metric.

Kidpik Corp. (PIK) - Canvas Business Model: Channels

You're looking at the channels for Kidpik Corp. (PIK) right as the business model was undergoing a massive shift, moving away from the legacy subscription service toward the combined entity with Nina Footwear Corp., which was expected to close in the first quarter of 2025. The last concrete data we have reflects the intentional wind-down of the old channels in anticipation of that merger.

Kidpik Corp. e-commerce website (shop.kidpik.com)

The direct e-commerce channel, shop.kidpik.com, was part of the overall digital footprint that saw its revenue contribution shrink as marketing spend was eliminated. The company's strategy leading into the merger was to clear existing inventory, not drive new sales through this site, so performance metrics reflect this drawdown.

Direct-to-consumer subscription box delivery service

This was the core channel, but its performance was intentionally suppressed in the run-up to the merger. The data from the third quarter of 2024 shows the steep decline in this segment:

• Net Revenue for Q3 2024 was $1.0 million.
• This represented a year-over-year decrease of 69.2% compared to Q3 2023.
• Shipped items dropped to 107,000 items in Q3 2024, down from 292,000 items in Q3 2023.
• The average shipment keep rate fell to 67.7% in Q3 2024, compared to 82.6% in Q3 2023.

For the full fiscal year 2023, the subscription revenue stream accounted for $10.4 million, which was 73.2% of the total revenue for that year. Honestly, by late 2025, this channel's structure would be completely redefined under the new management and focus.

Potential wholesale and retail distribution for Nina Footwear

As of the last reports before the expected Q1 2025 closing, the primary channel focus was shifting to the Nina Footwear brand, which was positioned to be the surviving entity. While specific 2025 wholesale/retail numbers for the combined company aren't public yet, the strategic intent was to grow this segment significantly, making it the main revenue driver post-merger. The old Kidpik TTM revenue base was only about $7.78 million before the combination, so the footwear segment needed to scale rapidly to justify the transaction.

Digital advertising and social media platforms

This category was directly impacted by the decision to cease marketing expenditures for the subscription services. The company explicitly stated they eliminated marketing spend to clear inventory, which means digital advertising spend on platforms like Meta or Google for customer acquisition would have been near zero in the quarters leading up to the merger. The company's historical reliance on these platforms for new customer acquisition was paused. The shift in focus means that in late 2025, any digital spend would be directed toward supporting the Nina Footwear brand's direct-to-consumer and wholesale efforts, rather than the legacy subscription model.

Here's a quick comparison of the legacy channel performance metrics leading into the transition:

Metric	Q3 2023 Value	Q3 2024 Value	Change
Net Revenue	Not explicitly stated, but Q3 2024 was $1.0M	$1.0 million	-69.2% year-over-year
Shipped Items	292,000 items	107,000 items	Decrease
Average Shipment Keep Rate	82.6%	67.7%	Decrease

If onboarding takes 14+ days, churn risk rises, which was a constant pressure on the subscription channel even before the strategic pivot.

Finance: draft 13-week cash view by Friday.

Kidpik Corp. (PIK) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Kidpik Corp. (PIK) as of late 2025, which means we have to talk about two distinct groups: the legacy subscription base that is actively being wound down, and the new, dominant footwear customer base from the May 2025 merger.

The original core segment was built around parents looking for convenience and curated style for their children. This group was primarily targeted through the kids' clothing subscription box service, which offered personalized, mix-&-match coordinated outfits.

• Parents of children, primarily in the 5-12 age range, seeking curated outfits. The legacy service covered sizes from toddler up to youth size 16.
• Value-conscious buyers seeking bundled fashion deals. The core offering included at least three mix-&-match coordinated outfits per box.

As of the legacy business context (pre-merger wind-down), the total addressable market was estimated at 12.5 million millennial parents. The active subscriber count reported before the strategic pivot was 47,000. To be fair, the legacy subscription segment's revenue saw a massive contraction, with Q3 2024 net revenue dropping to just $1.0 million, a year-over-year decrease of 69.2%.

The second major segment comes from the strategic combination with Nina Footwear Corp. in May 2025. This segment is now the primary focus for the combined entity, which management plans to rename Nina Holding Corp. This shift means the customer base now includes buyers for the established footwear brand.

Customer Segment Focus	Product/Service Alignment	Relevant Metric/Scale (Legacy Context)
Parents of Children (Ages 2T-16)	Curated, full outfits via subscription box	Legacy Market Share: approx. 0.8% (2023)
Consumers of Women's & Kids' Dress Shoes	Special occasion footwear and accessories	Acquired brand specializes in this area
Value-Conscious Shoppers	Bundled, coordinated fashion deals	Average Customer Acquisition Cost (Legacy): $42

The consumers of women's and children's dress shoes for special occasions are now central to the business model, driven by the Nina Footwear brand. This brand brings a different customer profile, focused on specific needs like dress shoes, which contrasts with the general apparel focus of the legacy Kidpik Corp. (PIK). The legacy business, which was trading on the OTC Pink Market under ticker PIKM as of December 2025, had a market capitalization of $4.64 Million USD as of December 2025, showing the reduced scale of that operation.

The original model definitely attracted buyers seeking bundled deals; the average keep rate for the subscription boxes was reported at 67.7% in Q3 2024, showing a decent propensity to accept the curated value proposition. Still, the investment thesis is now entirely on the new footwear business's ability to execute, as the legacy subscription revenue stream saw its Trailing Twelve Months (TTM) revenue prior to the merger around $7.78 million.

Kidpik Corp. (PIK) - Canvas Business Model: Cost Structure

You're looking at the cost side of Kidpik Corp. (PIK) as they move through the final stages of the merger with Nina Footwear Corp., which was expected to close in the first quarter of 2025. This transition heavily influenced the cost structure, shifting focus from growth to asset liquidation and operational streamlining.

Cost of Goods Sold (COGS) for apparel and footwear inventory

The Cost of Goods Sold reflects the direct costs associated with the merchandise sold. As of the Trailing Twelve Months (TTM) ending November 13, 2025, the Cost of Goods Sold for Kidpik Corp. (PIK) was reported at $5.30 Mil. This figure is viewed against the backdrop of the strategic decision, announced in late 2024, to cease the purchase of new inventory to maximize returns on existing stock in anticipation of the combination with Nina Footwear.

The gross margin, which is Net Sales less COGS, provides context for the cost efficiency on the remaining inventory. For the third quarter of 2024, the reported gross margin was 68.6%. This compares to 61.1% in the third quarter of 2023. The company shipped 107,000 items in the third quarter of 2024.

Metric	Value (TTM as of Nov 2025)	Value (Q3 2024)
Cost of Goods Sold (COGS)	$5.30 Mil	N/A
Gross Margin	N/A	68.6%
Shipped Items	N/A	107,000 units

Fulfillment and shipping expenses for subscription boxes

Fulfillment and shipping expenses are a variable cost tied directly to the volume of boxes sent out. Given the strategic pivot to clear existing inventory and the cessation of new inventory purchases, shipping volumes were significantly reduced in the period leading up to late 2025. The last reported shipment volume was 107,000 items for the third quarter of 2024. Specific dollar amounts for fulfillment and shipping expenses for 2025 are not explicitly itemized in the latest public disclosures, but these costs would be directly proportional to the reduced shipment activity.

The components that make up the cost of sales, which includes freight in, are part of the COGS calculation, but separate fulfillment/shipping expense reporting is not detailed for the 2025 period.

General and Administrative (G&A) overhead, including corporate salaries

General and Administrative (G&A) overhead, which covers corporate salaries and general operating costs, was under intense scrutiny as the company focused resources on closing the merger. The Net Loss for the third quarter of 2024 was $0.9 million, or $0.45 per share. This loss figure encapsulates the G&A and other operating expenses during that period of strategic transition. The majority of resources were dedicated to the merger process itself, meaning G&A costs were likely managed tightly to preserve cash ahead of the closing, which was anticipated in Q1 2025.

Key components of overhead reduction included:

• Focusing resources on the Merger Agreement and Plan of Merger and Reorganization.
• Undertaking workforce reductions, as mentioned in late 2024 operational updates.
• Prioritizing liquidity preservation.

Minimal marketing expenditure for the legacy business (ceased in 2024)

The marketing expenditure for the legacy subscription services business was explicitly stated to have been eliminated. This action was taken in anticipation of the combination with Nina Footwear. Therefore, for the late 2025 cost structure, marketing expenditure for the subscription services component is effectively $0, reflecting a complete strategic pullback from customer acquisition for that segment. Any remaining marketing spend would likely be minimal and related to the ongoing liquidation of current inventory or general corporate overhead, not growth-focused advertising.

The shift meant that the cost structure was primarily driven by inventory cost recovery and essential corporate overhead required to finalize the transaction.

Finance: draft 13-week cash view by Friday.

Kidpik Corp. (PIK) - Canvas Business Model: Revenue Streams

The revenue streams for Kidpik Corp. reflect a significant strategic pivot following the May 2025 merger with Nina Footwear Corp., which resulted in the combined entity operating as Nina Holdings Corp.. The legacy revenue model, centered on personalized children's clothing, was intentionally suppressed in anticipation of this combination.

Sales from the legacy children's clothing subscription service experienced a massive contraction as management eliminated marketing expenditures and stopped new inventory purchases to maximize returns on existing stock. This segment's operational output in the third quarter of 2024 showed a sharp decline in volume, with only 107,000 items shipped, compared to 292,000 items shipped in the third quarter of 2023.

Direct e-commerce sales of individual items from the Kidpik site, along with revenue from the subscription boxes and third-party websites, all saw significant declines in the third quarter of 2024. The Trailing Twelve Months (TTM) revenue for the legacy business prior to the merger was approximately $7.78 million.

Sales of Nina Footwear and accessories represent the new primary focus for the combined entity. The transaction was structured so that Nina Footwear stockholders would own 80% of the outstanding common stock upon closing. The expectation from management was that this new focus would increase revenue, cashflow, and prospects for the combined company.

Here's a look at the performance metrics tied to the legacy revenue streams as of the last reported quarter before the full pivot impact:

Metric	Q3 2024 Value	Q3 2023 Value
Net Revenue	$1.0 million	Year-over-year decrease of 69.2%
Gross Margin	68.6%	61.1%
Shipped Items	107,000	292,000
Average Shipment Keep Rate	67.7%	82.6%

The financial structure also includes significant tax assets that support future profitability from these revenue streams:

• Expected retention of approximately $43 million in net operating loss (NOL) carryforwards.
• The TTM Gross Profit Margin for the legacy business was reported at 69.03%.
• The TTM Net Loss was -$7.96 million over the last four quarters as of June 18, 2025.
• Annual Revenue in 2023 was $14.24 million, down from $16.47 million in 2022.