Torrid Holdings Inc. (CURV): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del comercio minorista de moda, Torrid Holdings Inc. (Curv) ha forjado un notable nicho al revolucionar la moda de talla grande, transformando lo que alguna vez fue un segmento de mercado pasado por alto en una experiencia de compra poderosa e impulsada por la confianza. Esta compañía innovadora ha diseñado magistralmente un modelo de negocio que va más allá de la venta minorista tradicional, creando un ecosistema integral que celebra la positividad del cuerpo, la inclusión y el estilo para las mujeres del tamaño 10-30. Al combinar a la perfección la innovación digital, las asociaciones estratégicas y una comprensión profunda de su mercado objetivo, Torrid se ha convertido en una marca pionera que no solo vende ropa, sino que empodera a sus clientes a través de la ropa de moda, la cómoda y las tendencias.

Torrid Holdings Inc. (CURV) - Modelo de negocio: asociaciones clave

Fabricantes de ropa y moda

Torrid colabora con los siguientes fabricantes clave:

Fabricante	Detalles de la asociación	Volumen de producción anual
Li & Fung Limited	Socio global de la cadena de suministro	Aproximadamente 250,000 unidades de prenda por año
Tal Apparel Limited	Producción de ropa de talla grande	Estimado 180,000 unidades de prenda anualmente

Proveedores de ropa de talla grande

Las relaciones clave del proveedor incluyen:

• Kellwood Clothing Company
• Propiedad de ropa genuina
• Ropa de NYDJ

Plataformas de tecnología de comercio electrónico

Socios de infraestructura digital de Torrid:

Plataforma	Servicio proporcionado	Valor de transacción anual
Shopify Plus	Plataforma de comercio electrónico	$ 85.4 millones en ventas en línea (2023)
Adobe Commerce	Tecnología de back -end	Apoyo a 2.3 millones de transacciones en línea

Socios de procesamiento de pagos

Colaboraciones de transacciones financieras:

• Stripe: procesamiento de pagos en línea
• PayPal: métodos de pago alternativos
• Klarna: Compre ahora, pague servicios posteriores

Agencias de marketing digital y publicidad

Detalles de la asociación de marketing:

Agencia	Enfoque de marketing	Gasto de marketing anual
Performación	Marketing de rendimiento digital	$ 4.2 millones
Pez maíz	Estrategia de marca y campañas digitales	$ 3.7 millones

Torrid Holdings Inc. (CURV) - Modelo de negocio: actividades clave

Diseño de la moda femenina de talla grande

Torrid reportó 488 ubicaciones totales de las tiendas a partir de enero de 2024. La compañía diseña la moda exclusivamente para los tamaños 10-30, con una cartera de diseño anual de aproximadamente 1,200 artículos de ropa únicos.

Categoría de diseño	Volumen de producción anual	Ciclo de diseño promedio
Ropa de talla grande	1.200 artículos únicos	4-6 colecciones estacionales

Operaciones minoristas omnicanal

Torrid opera a través de múltiples canales de venta con una distribución precisa:

• Tiendas físicas: 488 ubicaciones
• Plataforma de comercio electrónico: generar el 38.7% de los ingresos totales
• Crecimiento de ventas digitales: 12.3% año tras año

Marketing digital y compromiso del cliente

El gasto de marketing para 2023 fue de $ 42.6 millones, lo que representa el 8.9% de los ingresos totales.

Canal de marketing	Métricas de compromiso	Gasto anual
Redes sociales	2.1 millones de seguidores	$ 18.3 millones
Publicidad digital	3.4 millones de impresiones mensuales	$ 24.2 millones

Gestión y distribución de inventario

Torrid mantiene 3 centros de distribución primarios con un espacio total de almacén de 620,000 pies cuadrados.

• Relación de rotación de inventario: 4.2x anualmente
• Valor de inventario promedio: $ 86.4 millones
• Eficiencia operativa de logística: 94.6% de precisión del pedido

Desarrollo de productos y pronósticos de tendencias

Investigación anual de investigación e inversión de desarrollo: $ 12.7 millones.

Área de enfoque de I + D	Inversión	Tasa de innovación de productos
Innovación de diseño	$ 7.2 millones	62 nuevos estilos por colección
Integración tecnológica	$ 5.5 millones	3 tecnologías de ajuste digital

Torrid Holdings Inc. (CURV) - Modelo de negocio: recursos clave

Inventario extenso de ropa de talla grande

A partir del cuarto trimestre de 2023, Torrid Holdings mantuvo un inventario valorado en $ 74.3 millones. La compañía ofrece aproximadamente 1,200 estilos de ropa únicos en múltiples categorías de productos.

Categoría de inventario	Número de skus	Valor de inventario
Vestir	750	$ 42.6 millones
Accesorios	250	$ 15.2 millones
Calzado	200	$ 16.5 millones

Reconocimiento de marca fuerte

Torrid tiene 606 tiendas minoristas en los Estados Unidos al 31 de diciembre de 2023. La marca atiende a aproximadamente 2.5 millones de clientes activos.

Infraestructura minorista digital y física

• 606 ubicaciones minoristas físicas
• Plataforma de comercio electrónico que genera $ 368.9 millones en ingresos en línea en 2023
• Capacidades omnicanal que apoyan experiencias de compras en la tienda y en línea

Equipo experimentado de diseño y comercialización

La compañía emplea a aproximadamente 120 profesionales de diseño y comercialización con una experiencia de la industria promedio de 8.5 años.

Datos del cliente y capacidades de análisis

Métrico de datos	Valor
Base de datos total de clientes	2.5 millones de clientes activos
Valor promedio de por vida del cliente	$625
Tasa de retención de clientes	48%

Torrid Holdings Inc. (CURV) - Modelo de negocio: propuestas de valor

Moda inclusiva para tamaños 10-30

Torrid ofrece tamaños de ropa que van de 10 a 30, apuntando a un segmento de mercado de mujeres de talla grande. A partir del cuarto trimestre de 2023, la compañía informó:

Rango de tamaño	Cobertura del mercado	Porcentaje de segmento de clientes
10-30	Cobertura integral de talla grande	100% de la línea de productos

Ropa de talla grande de moda y elegante

Estadísticas de línea de productos para 2023:

Categoría	Número de estilos	Tasa de actualización anual
Estilos de ropa	750+	4 colecciones estacionales

Ropa cómoda y que aumenta la confianza

• Calificación promedio de satisfacción del cliente: 4.2/5
• Puntuación del promotor neto (NPS): 62
• Tasa de devolución: 12.5%

Experiencia de compra en línea y en la tienda sin problemas

Canal	Porcentaje de ventas	Tráfico en línea
Comercio electrónico	62%	3.2 millones de visitantes mensuales
Tiendas físicas	38%	Más de 250 ubicaciones minoristas

Posicionamiento de marca positivo para el cuerpo

Métricas de marketing y participación de la marca:

• Seguidores de redes sociales: 1.5 millones
• Asociaciones de influencia: más de 75 creadores positivos para el cuerpo
• Representación de diversidad en campañas: 89%

Torrid Holdings Inc. (CURV) - Modelo de negocio: relaciones con los clientes

Recomendaciones personalizadas de estilo en línea

A partir del cuarto trimestre de 2023, la plataforma de estilo en línea de Torrid aprovecha los datos del cliente con una tasa de precisión de personalización del 78.3%. El algoritmo de recomendación procesa más de 2.4 millones de perfiles de clientes individuales.

Métrica de recomendación	Estadística de rendimiento
Precisión de personalización	78.3%
Perfiles de clientes analizados	2,400,000+
Tasa de conversión promedio	22.7%

Compromiso activo de las redes sociales

Torrid mantiene 5.2 millones de seguidores de redes sociales En todas las plataformas, con una tasa de participación promedio de 4.6%.

• Seguidores de Instagram: 3.1 millones
• Seguidores de Tiktok: 1.4 millones
• Seguidores de Facebook: 700,000

Programa de fidelización para clientes habituales

El programa de lealtad de Torrid Insider reportó 1,9 millones de miembros activos en 2023, generando $ 287 millones en ingresos de los clientes repetidos.

Métrica del programa de fidelización	2023 rendimiento
Miembros activos	1,900,000
Ingresos del cliente repetidos	$287,000,000
Gasto promedio de miembros	$151.05

Atención al cliente de tamaño incluido

Torrid proporciona atención al cliente dedicada con un Calificación de satisfacción del 98,2% a través de canales de servicio incluido de tamaño.

• Soporte de chat en línea 24/7
• Servicios de consulta de tamaño
• Equipo de estilo de talla grande dedicado

Interacciones de marca impulsadas por la comunidad

La participación comunitaria genera el 37.5% del contenido digital de Torrid, con contenido generado por el usuario que alcanza 2.8 millones de impresiones mensuales.

Métrica de interacción comunitaria	Datos de rendimiento
Impresiones de contenido generadas por el usuario	2,800,000/mes
Contribución de generación de contenido	37.5%
Uso de hashtag comunitario	425,000/año

Torrid Holdings Inc. (CURV) - Modelo de negocio: canales

Sitio web de comercio electrónico

Torrid.com reportó $ 495.4 millones en ventas netas directas al consumidor para el año fiscal 2022, lo que representa el 47.9% de los ingresos totales de la compañía.

Métricas del sitio web	Datos 2022
Ingresos anuales en línea	$ 495.4 millones
Porcentaje de ingresos totales	47.9%
Visitantes mensuales del sitio web	3.2 millones

Tiendas minoristas físicas

Torrid opera 624 tiendas minoristas en los Estados Unidos al 31 de diciembre de 2022.

Métricas de tiendas minoristas	Datos 2022
Número total de tiendas	624
Ventas de tiendas	$ 541.3 millones
Porcentaje de ingresos totales	52.1%

Aplicación de compras móviles

Las descargas de aplicaciones móviles alcanzaron 1.5 millones a fines de 2022, con el 35% de las ventas en línea generadas a través de dispositivos móviles.

Métricas de aplicaciones móviles	Datos 2022
Descargas totales de aplicaciones	1.5 millones
Porcentaje de ventas móviles	35%

Plataformas de redes sociales

• Seguidores de Instagram: 2.1 millones
• Seguidores de Facebook: 1.8 millones
• Tiktok seguidores: 750,000

Mercados de terceros en línea

Torrid vende a través de Amazon, con aproximadamente el 12% de las ventas digitales que se originan en plataformas de terceros en 2022.

Ventas de mercado	Datos 2022
Ventas de plataforma de terceros	12% de los ingresos digitales
Mercado principal	Amazonas

Torrid Holdings Inc. (CURV) - Modelo de negocio: segmentos de clientes

Mujeres de talla grande de entre 18 y 45 años

Demográfica objetivo que representa el 68% de la base de clientes principales de Torrid, con un gasto anual promedio de $ 1,247 en moda de talla grande.

Rango de edad	Porcentaje	Gasto anual promedio
18-25	22%	$892
26-35	28%	$1,345
36-45	18%	$1,589

Consumidores conscientes de la moda

Segmento que representa el 42% de la base de clientes de Torrid, con un enfoque en la moda basada en tendencias.

• Ingresos familiares promedio: $ 65,400
• Tasa de participación en línea: 73%
• Gastos de moda mensuales promedio: $ 387

Comunidad positiva para el cuerpo

Segmento demográfico que comprende el 35% de la base de clientes de Torrid, enfatizando el tamaño y la representación inclusiva.

Métrica de compromiso de la comunidad	Valor
Seguidores de redes sociales	1.2 millones
Tasa de lealtad de marca	68%

Compradores en línea y en la tienda

Preferencias de compra multicanal con comportamientos de compra distintos.

Canal de compras	Porcentaje de ventas	Valor de transacción promedio
En línea	62%	$224
En la tienda	38%	$187

Consumidores de moda del mercado medio

Segmento dirigido a clientes conscientes de precios que buscan moda de talla grande de calidad.

• Preferencia de rango de precios: $ 49 - $ 249 por artículo
• Repita la tasa de compra: 47%
• Gasto promedio de vestuario trimestral: $ 673

Torrid Holdings Inc. (CURV) - Modelo de negocio: Estructura de costos

Adquisición de inventario

A partir del cuarto trimestre de 2023, Torrid Holdings reportó costos totales de inventario de $ 132.4 millones. La estrategia de adquisición de inventario de la compañía implica:

• Costo de bienes vendidos (COGS): $ 298.7 millones en año fiscal 2023
• Relación de rotación de inventario: 3.2x
• Período de retención de inventario promedio: 114 días

Métricas de adquisición de inventario	Monto ($)
Valor de inventario total	$ 132.4 millones
Costos de adquisición de inventario	$ 87.6 millones

Almacenar operaciones y mantenimiento

Gastos relacionados con la tienda para tórridas tenencias en el año fiscal 2023:

• Gastos operativos totales de la tienda: $ 214.3 millones
• Número de ubicaciones minoristas: 624
• Costo promedio de mantenimiento de la tienda por ubicación: $ 343,000 anualmente

Desglose de operaciones de almacenamiento	Monto ($)
Alquiler y ocupación	$ 92.1 millones
Servicios públicos y mantenimiento	$ 37.6 millones

Gastos de marketing digital

Inversión de marketing digital para tórridas Holdings:

• Gasto total de marketing digital en 2023: $ 45.2 millones
• Marketing digital como porcentaje de ingresos: 7.8%
• Asignación de marketing de comercio electrónico: $ 22.7 millones

Salarios y beneficios de los empleados

Gastos relacionados con la fuerza laboral:

• Compensación total de empleados: $ 186.5 millones
• Salario promedio de empleados: $ 47,300
• Número total de empleados: 3,940

Categoría de costos de empleado	Monto ($)
Salarios base	$ 142.3 millones
Beneficios e impuestos sobre la nómina	$ 44.2 millones

Inversiones de tecnología e infraestructura

Gastos relacionados con la tecnología:

• Inversión en tecnología total: $ 37.8 millones
• Desarrollo de la plataforma de comercio electrónico: $ 15.6 millones
• Infraestructura y ciberseguridad: $ 12.4 millones

Categoría de inversión tecnológica	Monto ($)
Software y sistemas	$ 22.3 millones
Hardware e infraestructura	$ 15.5 millones

Torrid Holdings Inc. (CURV) - Modelo de negocio: flujos de ingresos

Ventas directas en línea

En el año fiscal 2023, los ingresos digitales de Torrid fueron de $ 353.1 millones, lo que representa el 44.5% de las ventas netas totales. El canal de ventas en línea incluye torrid.com y aplicaciones móviles.

Métrica de ventas en línea	Valor 2023
Ingresos digitales totales	$ 353.1 millones
Porcentaje de ventas netas totales	44.5%

Compras minoristas en la tienda

Las tiendas minoristas físicas generaron $ 439.7 millones en ventas netas durante el año fiscal 2023, lo que representa el 55.5% de los ingresos totales de la compañía.

Métrica de ventas de tiendas minoristas	Valor 2023
Ingresos totales en la tienda	$ 439.7 millones
Número de ubicaciones minoristas	624 tiendas

Servicios de suscripción y estilo

Torrid ofrece un programa de fidelización con detalles específicos de la generación de ingresos:

• Miembros del programa de fidelización total: 4.3 millones
• Contribución de ingresos del programa de fidelización: aproximadamente el 30% de las ventas totales

Accesorios y ventas complementarias de productos

Las categorías complementarias de productos incluyen:

• Íntimos y ropa de dormir
• Calzado
• Accesorios

Categoría de productos	Contribución de ingresos
Íntimos	$ 87.2 millones
Calzado	$ 62.5 millones
Accesorios	$ 41.3 millones

Asociaciones al por mayor

Torrid genera ingresos adicionales a través de canales mayoristas, aunque los ingresos de asociación específicos no se revelaron en los estados financieros públicos.

Torrid Holdings Inc. (CURV) - Canvas Business Model: Value Propositions

You're looking at the core reasons why the customer chooses Torrid Holdings Inc. over competitors in the plus-size market, which is a segment they dominate by focusing on a specific fit and fashion level for sizes 10 to 30. This isn't just about selling clothes; it's about delivering a specific, non-negotiable product attribute.

Fashion-forward apparel and accessories for women sizes 10 to 30

Torrid Holdings Inc. designs and sells a diverse assortment of apparel, intimates, and accessories exclusively for women wearing US sizes 10 to 30. This focus is the foundation of their entire operation. While the company navigates macroeconomic pressures, the strategic direction remains fixed on this customer base. For the full fiscal year 2025, Torrid Holdings Inc. has guided net sales to be between $995 million and $1.002 billion. This revenue base is supported by a commitment to product innovation within this size range.

Superior, consistent fit that is a necessity, not a luxury

The primary differentiator is the fit. Torrid Holdings Inc. designs almost all products in-house, specifically engineering them for consistency across categories like denim, dresses, and their highly-regarded bra collections. Customers recognize this effort; they are willing to pay a premium for a product that consistently delivers on fit and quality, which reduces the need for deep promotional discounting. This focus on quality is critical to maintaining their Adjusted Gross Margin, which was reported at 34.9% in the challenging third quarter of fiscal 2025.

Message of body positivity, inclusivity, and confidence-building

The brand message centers on empowerment, which translates into high customer engagement. To be fair, this connection is deep; 95% of customers are engaged in their loyalty program, which is a massive base for direct communication. While the core customer base has seen an age progression, the average customer age has increased from 35 to 42 since 2018, showing the brand's longevity with its initial cohort while new initiatives target younger demographics.

Strategic introduction of opening price point products for value

To balance the premium fit proposition with value perception, Torrid Holdings Inc. is strategically introducing opening price point products. This isn't a race to the bottom; it's a calculated move to broaden appeal and drive volume. The financial expectation tied to this strategy is clear: the company anticipates a benefit of 150 to 250 basis points of EBITDA margin expansion in fiscal year 2026, driven in part by this opening price point strategy, alongside core product restoration.

Diverse sub-brands to target specific lifestyle concepts

Torrid Holdings Inc. is actively using sub-brands to introduce newness and target specific lifestyle concepts, which is a major focus for future growth. They rolled out three new sub-brands: Festi, Nightfall, and Retro Chic. This strategy is expected to be significant; sub-brands are projected to make up 25% to 30% of the total product assortment in the next fiscal year (2026). For the current fiscal year 2025, sub-brands accounted for approximately 7% to 10% of the receipt investment, signaling an acceleration planned for the near term.

Here's a quick look at the financial context supporting these value drivers as of late 2025:

Metric	Value (FY 2025 Data)	Context/Source
Target Customer Size Range	US Sizes 10 to 30	Core design parameter
FY 2025 Net Sales Guidance (Latest)	$995 million to $1.002 billion	Full Year Guidance
Q3 2025 Net Sales	$235.2 million	Third Quarter Actual
FY 2025 Store Closures Target	Up to 180 stores	Fleet optimization strategy
Total Store Count (End Q3 2025)	560 stores	Current physical footprint
Loyalty Program Penetration	95% of customers	Customer engagement metric
Projected Sub-Brand Assortment Share (FY 2026)	25% to 30%	Future product architecture goal

The company's operational adjustments, like closing up to 180 stores in fiscal 2025 to align with digital demand, are designed to fund these value propositions, with 74 stores closed year-to-date as of Q3 2025. The digital channel is a key component, approaching 70% of total demand.

You should definitely track the Q4 2025 results to see if the corrective actions mentioned by the CEO are translating into better assortment balance and margin recovery, especially given the Q3 2025 Adjusted EBITDA margin was only 4.2%.

Finance: draft 13-week cash view by Friday.

Torrid Holdings Inc. (CURV) - Canvas Business Model: Customer Relationships

You're looking at how Torrid Holdings Inc. keeps its customer base engaged while rapidly shifting its physical footprint. The focus here is heavily on digital integration and maximizing the value of every existing relationship, especially as the store count shrinks.

High-value, data-driven loyalty program (Torrid Insider)

The Torrid Insider program is central to managing the customer base, acting as the primary mechanism for data capture and targeted interaction. Honestly, the penetration rate is quite high, which gives them a solid foundation for personalized outreach.

• 95% of customers are engaged in the loyalty program as of Q3 2025.
• The program is a critical tool for driving frequency and retention.
• Sub-brands are designed to attract new customers and reactivate lapsed ones.

Here's a quick look at the key relationship and channel metrics as of late 2025:

Metric	Value	Context
Loyalty Program Enrollment	95%	Customer engagement rate as of Q3 2025.
Targeted Store Closures (FY2025)	Up to 180	Part of the fleet optimization strategy.
Customer Retention Goal (Post-Closure)	At least 60%	Targeted retention rate for customers from closed stores.
Digital Demand Penetration (Current)	Approaching 70%	Online sales as a percentage of total demand.
Digital Marketing Reinvestment (H2 2025)	$5 million increase	Incremental spend to support customer acquisition.

Personalized digital marketing and communication

With digital sales approaching 70% of total demand, the communication strategy is naturally leaning hard into personalized digital channels. They are actively reinvesting to capture more of that online revenue stream. The long-term vision is clear: a demand mix of 75% online and 25% in-store.

To support this shift, Torrid Holdings increased its digital and influencer marketing spend by $5 million in the second half of 2025, pushing the total investment for the fiscal year to approximately 6% of net sales.

Empathetic and knowledgeable in-store sales associates

While direct data on associate knowledge isn't in the financials, the strategy for the remaining physical footprint emphasizes omnichannel success. The focus is on strengthening customer relationships across all touchpoints, which means the remaining stores and associates must be highly effective at migrating customers to nearby locations or digital channels. The success of retaining customers from closed locations validates this omnichannel approach.

Customer retention efforts for closed store migration

The store optimization plan, targeting up to 180 closures in Fiscal 2025, hinges on successful customer migration. The company's objective is to retain at least 60% of customers from the stores that are shutting down. Management noted that retention trends from the 2025 closures were outperforming fiscal 2024, with a greater share of those customers moving to the online platform. As of Q3 2025, they had closed 74 stores year-to-date, ending the quarter with 560 locations.

This retention strategy is supported by enhanced communication plans designed to successfully migrate customers.

Torrid Holdings Inc. (CURV) - Canvas Business Model: Channels

You're looking at how Torrid Holdings Inc. gets its product-stylish apparel, intimates, and accessories for women sizes 10 to 30-into the hands of its North American customer base as of late 2025. This is a brand built on a direct-to-consumer (DTC) foundation, which means they control the customer experience from design to final sale, primarily through two major avenues.

The primary engine for demand is the digital storefront. Management has been focused on this area, with the e-commerce platform approaching 70% of total demand. This digital focus is supported by a mobile application, which is a key touchpoint for engaging the customer base, especially those in the loyalty program.

The physical footprint is undergoing a significant recalibration. The network of physical retail stores is being optimized to better align with current demand patterns. As of the end of Q3 2025, Torrid Holdings Inc. operated 560 locations. This number reflects an active optimization strategy, with the company having closed 74 stores year-to-date in fiscal 2025, and planning up to 180 closures by year-end to streamline the physical presence.

The overall model is explicitly a direct-to-consumer (DTC) model across North America. This structure is supported by technology and community engagement, including social media channels used for brand building and customer interaction.

Here's a quick look at the channel metrics as reported for the third quarter of fiscal 2025:

Channel Component	Q3 2025 Financial/Statistical Data	Context/Notes
E-commerce Platform Share	Approaching 70%	Targeted share of total demand.
Physical Retail Stores	560 locations	Total store count at the end of Q3 2025.
Store Optimization Activity	Closed 74 stores YTD	Part of a strategy to close up to 180 stores by year-end.
Digital Sales Performance	Comparable sales decreased 8.3%	Reflects performance across both e-Commerce and stores open for 15 full fiscal months.
Q3 Net Sales (Total)	$235.2 million	Total revenue for the three months ended November 1, 2025.

You should keep an eye on how the store optimization plan impacts the overall sales mix. The goal is to shift resources to the higher-performing digital channels while maintaining a productive physical presence.

• E-commerce platform: The core revenue driver, supported by the mobile application.
• Physical retail stores: Undergoing a reduction to 560 locations as of Q3 end, with plans for up to 180 closures in fiscal 2025.
• Mobile application and social media channels: Used for customer acquisition, loyalty engagement, and brand building.
• Direct-to-consumer (DTC) model: The overarching structure covering all sales across North America.

The company is also focusing on product architecture to support these channels, planning for approximately 30% of the assortment offering to be at opening price points moving into 2026.

Finance: draft 13-week cash view by Friday.

Torrid Holdings Inc. (CURV) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Torrid Holdings Inc. as of late 2025, which is a segment that has been both resilient and challenging lately. The company is fundamentally focused on women in North America who wear US sizes 10 to 30.

The overall market size for the Plus-Size Women's Clothing Stores industry in the United States is estimated to reach $13.3 billion in 2025. Torrid Holdings Inc. itself has trailing twelve month revenue near $1.04 billion.

Here is a breakdown of the key customer groups shaping the strategy:

• Core plus-size women (US sizes 10-30) seeking fashion and fit: This is the foundational segment, the entire focus of the brand.
• High-value, loyal customers with high purchase frequency: This group is critical, yet recent performance showed a pullback; in the third quarter of fiscal 2025, the most loyal customers reduced their frequency and purchase fewer tops. The company is trying to re-engage them with an opening price point strategy, aiming for those categories to be close to 30% of sales by the first quarter of next year.
• Younger, trend-aware customers targeted by new sub-brands: Sub-brands like Festi, Nightfall, and Retro Chic are specifically designed to attract new and younger demographics, with new customers averaging in the mid-30s in age. These sub-brands are on track to deliver approximately $80 million in sales for fiscal 2025 and are planned to represent nearly a third of the business by 2026.
• Customers migrating from closed physical stores to digital channels: The company is actively optimizing its retail footprint, planning to close up to 180 stores in fiscal 2025. As of the end of the third quarter of fiscal 2025, 74 stores had closed year-to-date, leaving 560 locations. The success of this migration is supported by a historical customer retention rate of approximately 60% from closed locations.

The overall shift to digital is significant; online demand is now approaching 70% of total sales, with a long-term target of a 75% online and 25% in-store demand mix. This digital dominance is supported by a highly engaged base, with 95% of customers participating in the loyalty program.

Here's a quick look at the recent channel mix and store footprint changes:

Metric	Value (Late 2025)	Context/Period
Digital Sales Penetration	Approaching 70%	Total Demand (Q1 2025)
Targeted Store Closures	Up to 180	Fiscal Year 2025 Plan
Stores Closed Year-to-Date	74	As of Q3 2025 End
Total Store Count	560	End of Q3 2025
Customer Retention from Closures	Approximately 60%	Historical/Current Rate
Loyalty Program Engagement	95%	Of Customers
Sub-Brand Sales Contribution	Approximately $80 million	FY2025 Sales Target

The company is actively trying to balance the pull-back from its most established customers with the acquisition of younger shoppers via sub-brands, while simultaneously reducing its physical footprint to align with where demand is actually occurring. Finance: draft the 13-week cash view by Friday.

Torrid Holdings Inc. (CURV) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Torrid Holdings Inc. business as of late 2025. The focus here is on how they are structurally managing expenses, especially with the ongoing store optimization plan.

The largest variable cost is definitely the Cost of Goods Sold (COGS), which covers merchandise and freight. For the third quarter ended November 1, 2025, Net Sales were $235.2 million.

Here's a quick look at the key profitability metrics from that quarter, which directly inform the COGS calculation:

Metric	Q3 2025 Amount	Q3 2024 Amount
Net Sales	$235.2 million	$263.8 million
Gross Profit	$82.2 million	$95.2 million
Gross Margin	34.9%	36.1%

Based on those numbers, the inferred Cost of Goods Sold (merchandise and freight) for Q3 2025 was approximately $153.0 million ($235.2 million in sales minus $82.2 million in gross profit). The lower gross margin, at 34.9%, reflected higher promotions and deleverage from the lower sales base.

Store operating expenses are being actively managed through the fleet optimization. Torrid Holdings ended the third quarter with 560 stores.

The Selling, General, and Administrative (SG&A) expenses show the structural cost-cutting in action. For the third quarter, SG&A was $66.3 million, down from $74.9 million a year ago. That's a 11.5% year-over-year reduction in SG&A, which is a direct result of the store optimization initiative and a broader shift toward a more efficient, variable cost structure. This discipline allowed SG&A to leverage 30 basis points to 28.2% of net sales for the quarter.

Looking ahead, the company has specific guidance for capital investment and known external cost pressures:

• Capital expenditures are projected to be in the range of $13 million to $15 million for fiscal 2025, with this spending strategically focused on technology and infrastructure enhancements.
• The net tariff cost exposure for fiscal 2025 is estimated to be approximately $10 million, after the company mitigated $40 million of the total expected $50 million tariff impact through sourcing actions and expense reductions.

Finance: draft 13-week cash view by Friday.

Torrid Holdings Inc. (CURV) - Canvas Business Model: Revenue Streams

You're looking at how Torrid Holdings Inc. actually brings in the money, which is pretty straightforward: it's all about selling apparel, intimates, and accessories to the plus-size customer.

The core of the revenue is Net sales from apparel, intimates, and accessories, which is the entire product offering. To give you a snapshot of where things stood mid-year, Torrid Holdings Inc. reported net sales of $262.8 million for the second quarter of fiscal 2025.

The big story here is the channel shift. E-commerce sales are the dominant and growing revenue source. Honestly, digital is where the customer prefers to shop now. As of the first quarter of fiscal 2025, digital sales were already approaching 70% of total demand. The company is actively accelerating this transformation to be more digitally-led, with a long-term goal for a demand mix of 75% online and 25% in store.

Conversely, physical retail store sales are declining as the fleet is optimized. This isn't a guess; it's a deliberate strategy to reduce fixed costs. Torrid Holdings Inc. planned to close up to 180 underperforming stores in fiscal 2025. The goal is to reallocate resources to the digital channel while retaining the customer base; they noted an average customer retention rate of 60% in markets affected by closures. It's a clear move away from physical footprint dependency.

Here's a look at the latest official financial expectations for the full fiscal year 2025, based on the most recent updates from the second quarter call:

Financial Metric	Latest Full-Year Fiscal 2025 Guidance
Net Sales	Between $1.015 billion and $1.030 billion
Adjusted EBITDA	Between $80 million and $90 million

You can see the guidance for the full year reflects the mid-year performance and the ongoing strategy. For instance, the Q2 Adjusted EBITDA came in at $21.5 million, representing an 8.2% margin. The company is also managing external pressures; the total expected tariff impact for fiscal 2025 is approximately $15 million, with 80% of that cost mitigated.

The revenue streams are being shaped by these strategic actions:

• Net sales from core product categories: apparel, intimates, and accessories.
• E-commerce sales, which are the primary driver, nearing 70% of total demand.
• Physical store sales, actively being reduced via a store optimization plan targeting up to 180 closures in 2025.
• Revenue is also influenced by the temporary pause in the fully China-sourced shoe offerings, expected to cause a revenue loss of approximately $40 million to $45 million for 2025.

Finance: review the Q3 forecast against the updated FY2025 guidance by next Tuesday.