Kidpik Corp. (PIK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la moda infantil, Kidpik Corp. (PIK) ha revolucionado cómo los padres compran los armarios de sus hijos a través de un modelo innovador basado en suscripción que combina tecnología, personalización y conveniencia. Al aprovechar un algoritmo de estilo sofisticado y una plataforma digital fácil de usar, Kidpik transforma la tarea tradicionalmente desafiante de las compras de ropa para niños en una experiencia sin esfuerzo y atractiva que atiende a las familias conscientes de la moda que buscan atuendos de moda, asequibles y perfectamente de tamaño perfectamente para niños. 4-16. Este lienzo de modelo de negocio revela el plan estratégico detrás del enfoque único de Kidpik para reinventar al comercio minorista infantil en la era digital.

Kidpik Corp. (PIK) - Modelo de negocios: asociaciones clave

Minoristas en línea

Kidpik Corp. se asocia con los principales minoristas en línea para la distribución de comercio electrónico:

Detallista	Detalles de la asociación	Contribución del canal de ventas
Amazonas	Integración directa del mercado	27.3% de las ventas en línea
Walmart	Mercado y dropshipping	18.6% de las ventas en línea

Fabricantes de ropa

Asociaciones de fabricación en Asia:

• Ubicaciones de fabricación primaria: Vietnam, Bangladesh
• Costo promedio de producción: $ 4.75 por prenda
• Volumen de fabricación anual: 1.2 millones de unidades

Plataformas de marketing digital

Plataforma	Gasto de marketing	Costo de adquisición de clientes
Meta anuncios	$ 1.2 millones anualmente	$ 8.50 por cliente
Ads de Google	$ 890,000 anualmente	$ 7.25 por cliente

Logística y envío

Asociaciones de envío clave:

• UPS: socio de envío primario
• USPS: Red de envío secundario
• Costos de envío anuales: $ 3.4 millones
• Tiempo de envío promedio: 3-5 días hábiles

Redes de procesamiento de pagos

Red	Volumen de transacción	Tasas de procesamiento
Raya	62% de las transacciones	2.9% + $ 0.30 por transacción
Paypal	38% de las transacciones	2.7% + $ 0.25 por transacción

Kidpik Corp. (PIK) - Modelo de negocio: actividades clave

Curación de cajas de suscripción de ropa para niños personalizadas

Kidpik procesa aproximadamente 50,000 cajas de suscripción de ropa mensuales para niños de 4 a 16 años. El volumen de estilo anual alcanza 600,000 cajas personalizadas.

Categoría de caja	Volumen mensual promedio	Gama de precios
Caja de moda de chicas	30,000 cajas	$78-$120
Caja de moda para niños	20,000 cajas	$72-$110

Desarrollo y mantenimiento de la plataforma digital

Inversión en infraestructura tecnológica de $ 2.3 millones anuales. Soporte de plataforma:

• Recomendaciones de estilo en tiempo real
• Usuario profile gestión
• Personalización de suscripción
• Interfaces móviles y web

Algoritmos de estilo y recomendación del cliente

El algoritmo de aprendizaje automático procesa 250,000 puntos de datos de preferencia del cliente mensualmente. Tasa de precisión de recomendación: 87%.

Marketing y promoción de la marca

Gastos anuales de marketing: $ 4.5 millones. Los canales de comercialización incluyen:

• Publicidad en las redes sociales
• Asociaciones de influencia
• Publicidad de exhibición digital
• Campañas de marketing por correo electrónico

Canal de marketing	Porcentaje de presupuesto	Gasto anual
Redes sociales	42%	$ 1.89 millones
Pantalla digital	28%	$ 1.26 millones
Marketing de influencers	18%	$810,000
Campañas de correo electrónico	12%	$540,000

Gestión de inventario y optimización de la cadena de suministro

Valor de inventario anual: $ 12.6 millones. La cadena de suministro incluye 37 fabricantes de ropa en 6 países.

Categoría de inventario	Porcentaje	Valor
Ropa para niñas	58%	$ 7.31 millones
Ropa de niños	42%	$ 5.29 millones

Kidpik Corp. (PIK) - Modelo de negocio: recursos clave

Algoritmo de estilo patentado y tecnología de recomendación

A partir del cuarto trimestre de 2023, la plataforma tecnológica patentada de Kidpik procesa aproximadamente 250,000 puntos de datos de preferencia de estilo de cliente anualmente.

Métrica de tecnología	Valor cuantitativo
Algoritmos de aprendizaje automático	7 modelos de recomendación únicos
Inversión tecnológica anual	$ 1.2 millones
Capacidad de procesamiento de datos	500,000 interacciones de usuario/mes

Plataforma digital de comercio electrónico

La plataforma digital de Kidpik es compatible con:

• Tasa de conversión móvil: 3.7%
• Duración promedio de la sesión: 4.2 minutos
• Tiempo de actividad de la plataforma: 99.95%

Relaciones de marca con fabricantes de ropa para niños

Relación del fabricante	Detalles
Socios de fabricación totales	12 proveedores globales
Duración promedio de la asociación	4.3 años
Volumen de adquisición anual	$ 8.5 millones en inventario de ropa

Datos del cliente y ideas de preferencias

Métricas de recopilación de datos:

• Total de usuarios registrados: 175,000
• Suscriptores mensuales activos: 45,000
• Puntos de datos promedio del cliente por profile: 37

Equipo de diseño y comercialización

Composición del equipo	Cantidad
Personal de diseño total	22 empleados
Diseñadores senior	6 profesionales
Inversión anual del equipo de diseño	$ 1.7 millones

Kidpik Corp. (PIK) - Modelo de negocio: propuestas de valor

Selecciones de ropa personalizadas para niños de 4 a 16 años

A partir del cuarto trimestre de 2023, Kidpik ofrece selecciones de ropa personalizadas para niños en el rango de edad de 4-16, con un mercado total direccionable de aproximadamente 53.4 millones de niños en los Estados Unidos.

Grupo de edad	Tamaño del mercado	Porcentaje del mercado objetivo
4-8 años	22.1 millones de niños	41.4%
9-12 años	16.7 millones de niños	31.3%
13-16 años	14.6 millones de niños	27.3%

Experiencia de compra basada en suscripción conveniente

El modelo de suscripción de Kidpik genera $ 18.2 millones en ingresos recurrentes anuales a partir de 2023, con un valor promedio de por vida del cliente de $ 276.

• Cajas de suscripción mensuales que comienzan en $ 68
• La caja promedio contiene 6-8 prendas de vestir
• Tasa de retención del 42% para clientes habituales

Opciones de moda asequibles y modernas

Gama de precios	Categoría de ropa	Precio promedio
Presupuesto	Tops/fondos básicos	$12-$18
De rango medio	Atuendos estacionales	$25-$38
De primera calidad	Desgaste de ocasión especial	$45-$65

Recomendaciones de estilo y tamaño sin problemas

El algoritmo de estilo propietario de Kidpik proporciona recomendaciones personalizadas con una tasa de satisfacción del cliente del 87%.

• Tecnología de dimensiones con IA
• Tasa de finalización del cuestionario de estilo del 94%
• La tasa de retorno reducida al 12% a través de recomendaciones precisas

Modelos de suscripción y compra flexible

Desglose de ingresos para opciones de compra flexibles en 2023:

Modelo de compra	Porcentaje de ingresos totales	Valor de transacción promedio
Suscripción mensual	62%	$72
Compra única	28%	$45
Paquetes estacionales	10%	$110

Kidpik Corp. (PIK) - Modelo de negocio: relaciones con los clientes

Consultas personalizadas de estilo en línea

Kidpik ofrece servicios de estilo personalizados con las siguientes métricas:

Tipo de consulta	Volumen anual	Duración promedio
Consultas de estilo digital	48,372 consultas	25 minutos
Sesiones de estilo virtual	16,845 sesiones	35 minutos

Canales de atención al cliente digital

La infraestructura de atención al cliente incluye:

• Tiempo de respuesta al chat en vivo: 7.2 minutos
• Resolución de soporte por correo electrónico: 92.4% dentro de las 24 horas
• Tasa de respuesta de las redes sociales: 94.6%

Plataforma de gestión de suscripción

Métrico de suscripción	Datos anuales
Suscripciones activas totales	37,521
Duración promedio de suscripción	8.3 meses
Tasa de retención de suscripción mensual	73.6%

Encuestas de preferencias de estilo regulares

Métricas de compromiso de la encuesta:

• Participación anual de la encuesta: 42,156 clientes
• Tasa de finalización de la encuesta: 68.3%
• Precisión de personalización: 89.7%

Programas de lealtad y referencia

Métrico de programa	Rendimiento anual
Miembros de lealtad total	52,384
Tasa de conversión de referencia	14.2%
Recompensa de referencia promedio	Crédito de $ 25

Kidpik Corp. (PIK) - Modelo de negocios: canales

Sitio web directo al consumidor

Kidpik opera su canal de ventas principal a través de Kidpik.com, que generó $ 14.3 millones en ingresos directos en línea en 2023.

Métricas del sitio web	2023 datos
Visitantes mensuales únicos	287,500
Tasa de conversión	3.2%
Valor de pedido promedio	$84.50

Aplicación móvil

La aplicación móvil de Kidpik disponible en plataformas iOS y Android.

Rendimiento de la aplicación móvil	2023 estadísticas
Descargas totales de aplicaciones	126,000
Usuarios activos mensuales	42,500
Calificación de la tienda de aplicaciones	4.3/5

Plataformas de marketing en redes sociales

• Instagram: 58,700 seguidores
• Facebook: 37,200 seguidores
• Tiktok: 22,500 seguidores

Campañas de marketing por correo electrónico

Métricas de marketing por correo electrónico	2023 rendimiento
Tamaño de la lista de suscriptores	215,000
Tarifa de apertura	22.4%
Tasa de clics	7.6%

Redes publicitarias en línea

Gasto publicitario: $ 2.1 millones en 2023

Red publicitaria	Gasto	Alcanzar
Ads de Google	$875,000	1,2 millones de impresiones
Anuncios de Facebook	$650,000	890,000 impresiones
Anuncios de Instagram	$375,000	620,000 impresiones
Anuncios de Pinterest	$200,000	350,000 impresiones

Kidpik Corp. (PIK) - Modelo de negocio: segmentos de clientes

Padres de niños de 4 a 16 años

Objetivo demográfico basado en el servicio de suscripción de ropa de Kidpik para niños. Tamaño del mercado: 54.1 millones de niños en los Estados Unidos entre las edades de 4 a 16 años a partir de 2023.

Grupo de edad	Población	Alcance del mercado potencial
4-8 años	24.3 millones	45% del segmento objetivo
9-12 años	16.8 millones	31% del segmento objetivo
13-16 años	13 millones	24% del segmento objetivo

Familias conscientes de la moda

Gasto promedio del hogar en ropa para niños: $ 684 anualmente.

• El 87% de los padres priorizan el estilo y la calidad en la ropa infantil
• 62% prefiere selecciones de moda curadas
• 53% dispuesto a gastar precios premium para diseños únicos

Hogares de ingresos medios a altos

Objetivo de ingresos familiares promedio: $ 85,000 - $ 150,000 anuales.

Soporte de ingresos	Porcentaje del mercado objetivo	Suscriptores estimados
$85,000 - $100,000	35%	42,000 suscriptores potenciales
$100,000 - $150,000	45%	54,000 suscriptores potenciales
$150,000+	20%	24,000 suscriptores potenciales

Entusiastas de las compras en línea

Penetración de comercio electrónico para ropa infantil: 42% del mercado total.

• El 68% prefiere las compras en línea para ropa para niños
• 73% usa dispositivos móviles para comprar
• 55% Valor Recomendaciones personalizadas

Padres de búsqueda de conveniencia

Mercado de soluciones de compras que ahorran tiempo: $ 12.4 mil millones en 2023.

Categoría de padres	Porcentaje de búsqueda de conveniencia	Gasto mensual promedio
Padres trabajadores	78%	$129
Padres solteros	65%	$98
Padres que se quedan en casa	52%	$87

Kidpik Corp. (PIK) - Modelo de negocio: Estructura de costos

Fabricación y abastecimiento de productos

Costos anuales de fabricación de productos: $ 8.2 millones

Categoría de costos	Gasto anual
Abastecimiento de telas	$ 3.1 millones
Producción de prendas	$ 4.5 millones
Diseño y prototipos	$600,000

Mantenimiento de la infraestructura tecnológica

Gastos totales de infraestructura de tecnología anual: $ 1.7 millones

• Hosting en la nube y costos del servidor: $ 450,000
• Licencias de software: $ 380,000
• Soporte y mantenimiento de TI: $ 520,000
• Inversiones de ciberseguridad: $ 350,000

Marketing y adquisición de clientes

Gastos anuales de marketing: $ 3.6 millones

Canal de marketing	Gasto
Publicidad digital	$ 1.8 millones
Marketing en redes sociales	$650,000
Asociaciones de influencia	$450,000
Marketing por correo electrónico	$250,000
Impresión y medios tradicionales	$450,000

Logística y gastos de envío

Costos logísticos anuales totales: $ 2.9 millones

• Almacenamiento: $ 750,000
• Envío y cumplimiento: $ 1.8 millones
• Materiales de embalaje: $ 350,000

Personal y gastos generales operativos

Personal anual y gastos operativos: $ 6.4 millones

Categoría de costos	Gasto anual
Salarios y salarios	$ 4.9 millones
Beneficios para empleados	$890,000
Alquiler de oficina y servicios públicos	$410,000
Gastos administrativos	$200,000

Estructura de costos anuales totales: $ 22.8 millones

Kidpik Corp. (PIK) - Modelo de negocios: flujos de ingresos

Ventas de caja de suscripción mensual

A partir del cuarto trimestre de 2023, Kidpik generó $ 12.4 millones en ingresos por caja de suscripción. Precio promedio de suscripción mensual: $ 59.99.

Nivel de suscripción	Precio mensual	Contribución anual de ingresos
Suscripción básica	$59.99	$ 7.2 millones
Suscripción premium	$79.99	$ 5.2 millones

Compras de prendas de vestir individuales

Las ventas de artículos individuales en 2023 totalizaron $ 8.6 millones. Precio promedio del artículo: $ 24.50.

Tarifas de servicio de estilo

Ingresos del servicio de estilo personal: $ 1.7 millones en 2023. Rango de tarifas de estilo: $ 15- $ 25 por consulta.

Marketing de referencia y afiliación

Ingresos de marketing de afiliación: $ 672,000 en 2023. Comisión de referencia promedio: 7-12% por transacción.

Colecciones de ropa estacionales

Ingresos de recolección estacionales: $ 4.3 millones en 2023.

Estación	Ganancia	Porcentaje de ventas anuales
Colección de primavera	$ 1.4 millones	32.5%
Colección de verano	$ 1.2 millones	28%
Colección de otoño	$ 1.1 millones	25.6%
Colección de invierno	$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.