Torrid Holdings Inc. (Curv): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la mode de mode, Torrid Holdings Inc. (Curv) a taillé un créneau remarquable en révolutionnant la mode plus grande, transformant ce qui était autrefois un segment de marché négligé en une expérience de magasinage puissante et axée sur la confiance. Cette entreprise innovante a magistralement conçu un modèle commercial qui va au-delà de la vente au détail traditionnelle, créant un écosystème complet qui célèbre la positivité corporelle, l'inclusivité et le style pour les femmes de la taille des femmes 10-30. En mélangeant de manière transparente l'innovation numérique, des partenariats stratégiques et une compréhension approfondie de leur marché cible, Torrid est devenu une marque pionnière qui non seulement vend des vêtements, mais habilite ses clients à travers des vêtements avant-gardistes, confortables et à la tendance.

Torrid Holdings Inc. (Curv) - Modèle commercial: partenariats clés

Fabricants de vêtements et de mode

Torrid collabore avec les principaux fabricants suivants:

Fabricant	Détails du partenariat	Volume de production annuel
Li & Fung Limited	Partenaire mondial de la chaîne d'approvisionnement	Environ 250 000 unités de vêtements par an
Tal Apparel Limited	Production de vêtements de taille plus	Estimé 180 000 unités de vêtements par an

Fournisseurs de vêtements de taille plus

Les relations clés des fournisseurs comprennent:

• Kellwood Clothing Company
• Holdings de vêtements authentiques
• Vêtements NYDJ

Plateformes technologiques de commerce électronique

Les partenaires de l'infrastructure numérique de Torrid:

Plate-forme	Service fourni	Valeur de transaction annuelle
Shopify Plus	Plate-forme de commerce électronique	85,4 millions de dollars de ventes en ligne (2023)
Adobe Commerce	Technologie backend	Soutenir 2,3 millions de transactions en ligne

Partenaires de traitement des paiements

Collaborations de transactions financières:

• Stripe: traitement des paiements en ligne
• PayPal: méthodes de paiement alternatives
• Klarna: Achetez maintenant, payez les services ultérieurs

Agences de marketing numérique et de publicité

Détails du partenariat marketing:

Agence	Focus marketing	Dépenses marketing annuelles
Performance	Marketing de performance numérique	4,2 millions de dollars
Poisson-razor	Stratégie de marque et campagnes numériques	3,7 millions de dollars

Torrid Holdings Inc. (Curv) - Modèle d'entreprise: activités clés

Concevoir la mode féminine de taille plus

Torrid a rapporté 488 emplacements au total des magasins à partir de janvier 2024. La société conçoit la mode exclusivement pour les tailles 10-30, avec un portefeuille de conception annuel d'environ 1 200 articles de vêtements uniques.

Catégorie de conception	Volume de production annuel	Cycle de conception moyen
Vêtements de taille plus	1 200 articles uniques	4-6 collections saisonnières

Opérations de vente au détail omnicanal

Torrid fonctionne via plusieurs canaux de vente avec une distribution précise:

• Magasins physiques: 488 emplacements
• Plateforme de commerce électronique: Génération de 38,7% des revenus totaux
• Croissance des ventes numériques: 12,3% en glissement annuel

Marketing numérique et engagement client

Les dépenses de marketing pour 2023 étaient de 42,6 millions de dollars, ce qui représente 8,9% des revenus totaux.

Canal de marketing	Métriques d'engagement	Dépenses annuelles
Réseaux sociaux	2,1 millions d'adeptes	18,3 millions de dollars
Publicité numérique	3,4 millions d'impressions mensuelles	24,2 millions de dollars

Gestion et distribution des stocks

Torrid maintient 3 centres de distribution primaires avec un espace d'entrepôt total de 620 000 pieds carrés.

• Ratio de roulement des stocks: 4,2x par an
• Valeur d'inventaire moyenne: 86,4 millions de dollars
• Efficacité opérationnelle logistique: 94,6%

Développement des produits et prévision des tendances

Investissement annuel de recherche et développement de produits: 12,7 millions de dollars.

Zone de focus R&D	Investissement	Taux d'innovation des produits
Innovation de conception	7,2 millions de dollars	62 nouveaux styles par collection
Intégration technologique	5,5 millions de dollars	3 technologies d'ajustement numérique

Torrid Holdings Inc. (Curv) - Modèle d'entreprise: Ressources clés

Inventaire de vêtements de grande taille approfondie

Au quatrième trimestre 2023, Torrid Holdings a maintenu un inventaire d'une valeur de 74,3 millions de dollars. La société propose environ 1 200 styles de vêtements uniques dans plusieurs catégories de produits.

Catégorie d'inventaire	Nombre de SKU	Valeur d'inventaire
Vêtements	750	42,6 millions de dollars
Accessoires	250	15,2 millions de dollars
Chaussure	200	16,5 millions de dollars

Solide reconnaissance de la marque

Torrid compte 606 magasins de détail aux États-Unis au 31 décembre 2023. La marque dessert environ 2,5 millions de clients actifs.

Infrastructure de vente au détail numérique et physique

• 606 emplacements de vente au détail physique
• Plateforme de commerce électronique générant 368,9 millions de dollars de revenus en ligne en 2023
• Capacités omnicanal Soutenir les expériences d'achat en magasin et en ligne

Équipe de conception et de marchandisage expérimentées

L'entreprise emploie environ 120 professionnels de conception et de marchandisage avec une expérience moyenne de l'industrie de 8,5 ans.

Données clients et capacités d'analyse

Métrique de données	Valeur
Base de données client totale	2,5 millions de clients actifs
Valeur à vie moyenne du client	$625
Taux de rétention de la clientèle	48%

Torrid Holdings Inc. (Curv) - Modèle d'entreprise: propositions de valeur

Mode inclusive pour les tailles 10-30

Torrid propose des tailles de vêtements allant de 10 à 30, ciblant le segment du marché des femmes de taille plus. Au quatrième trimestre 2023, la société a rapporté:

Plage de taille	Couverture du marché	Pourcentage de segment de clientèle
10-30	Couverture complète de grande taille	100% de la gamme de produits

Vêtements à la mode et élégants

Statistiques de la gamme de produits pour 2023:

Catégorie	Nombre de styles	Taux de rafraîchissement annuel
Styles de vêtements	750+	4 collections saisonnières

Appareils confortables et en constructeur de confiance

• Évaluation moyenne de satisfaction du client: 4.2 / 5
• Score du promoteur net (NPS): 62
• Taux de retour: 12,5%

Expérience d'achat en ligne sans couture et en magasin

Canal	Pourcentage de ventes	Trafic en ligne
Commerce électronique	62%	3,2 millions de visiteurs mensuels
Magasins physiques	38%	250+ emplacements de vente au détail

Positionnement de marque positif pour le corps

Métriques de marketing et d'engagement de la marque:

• Abonnés des médias sociaux: 1,5 million
• Partenariats d'influenceurs: 75+ créateurs de corps positifs
• Représentation de la diversité dans les campagnes: 89%

Torrid Holdings Inc. (Curv) - Modèle d'entreprise: relations avec les clients

Recommandations de style en ligne personnalisées

Au quatrième trimestre 2023, la plate-forme de style en ligne de Torrid exploite les données des clients avec un taux de précision de personnalisation de 78,3%. L'algorithme de recommandation traite plus de 2,4 millions de profils de clients individuels.

Métrique de recommandation	Statistique de performance
Précision de la personnalisation	78.3%
Profils de clients analysés	2,400,000+
Taux de conversion moyen	22.7%

Engagement actif des médias sociaux

Torrid maintient 5,2 millions de followers de médias sociaux sur toutes les plates-formes, avec un taux d'engagement moyen de 4,6%.

• Followers Instagram: 3,1 millions
• Tiktok abonnés: 1,4 million
• Fonds Facebook: 700 000

Programme de fidélité pour les clients réguliers

Le programme de fidélité Torrid Insider a signalé 1,9 million de membres actifs en 2023, générant 287 millions de dollars de revenus de clients répétés.

Métrique du programme de fidélité	Performance de 2023
Membres actifs	1,900,000
Relevé des revenus des clients	$287,000,000
Dépenses moyennes des membres	$151.05

Support client inclusif de taille

Torrid fournit un support client dédié avec un Évaluation de satisfaction de 98,2% à travers les canaux de service de taille.

• Assistance de chat en ligne 24/7
• Services de consultation de taille
• Équipe de style de taille plus dédiée

Interactions de marque axées sur la communauté

L'engagement communautaire génère 37,5% du contenu numérique de Torrid, le contenu généré par les utilisateurs atteignant 2,8 millions d'impressions mensuelles.

Métrique d'interaction communautaire	Données de performance
Impressions de contenu générées par l'utilisateur	2 800 000 / mois
Contribution de génération de contenu	37.5%
Utilisation du hashtag communautaire	425 000 / an

Torrid Holdings Inc. (Curv) - Modèle d'entreprise: canaux

Site Web de commerce électronique

Torrid.com a déclaré 495,4 millions de dollars de ventes nettes directes aux consommateurs pour l'exercice 2022, ce qui représente 47,9% du total des revenus de l'entreprise.

Métriques du site Web	2022 données
Revenus en ligne annuels	495,4 millions de dollars
Pourcentage du total des revenus	47.9%
Visiteurs mensuels du site Web	3,2 millions

Magasins de vente au détail physique

Torrid exploite 624 magasins de détail aux États-Unis au 31 décembre 2022.

Métriques des magasins de détail	2022 données
Nombre total de magasins	624
Ventes de magasins	541,3 millions de dollars
Pourcentage du total des revenus	52.1%

Application d'achat mobile

Les téléchargements d'applications mobiles ont atteint 1,5 million d'ici la fin de 2022, avec 35% des ventes en ligne générées via des appareils mobiles.

Métriques d'application mobile	2022 données
Total des téléchargements d'applications	1,5 million
Pourcentage de ventes mobiles	35%

Plateformes de médias sociaux

• Followers Instagram: 2,1 millions
• Fonds Facebook: 1,8 million
• TIKTOK APIRES: 750 000

Places de marché en ligne tierces

Torrid se vend via Amazon, avec environ 12% des ventes numériques provenant de plates-formes tierces en 2022.

Ventes de marché	2022 données
Ventes de plate-forme tierces	12% des revenus numériques
Marché primaire	Amazone

Torrid Holdings Inc. (Curv) - Modèle d'entreprise: segments de clientèle

Femmes de taille plus âgés de 18 à 45 ans

Target démographique représentant 68% de la clientèle de base de Torrid, avec une dépense annuelle moyenne de 1 247 $ à la mode plus.

Tranche d'âge	Pourcentage	Dépenses annuelles moyennes
18-25	22%	$892
26-35	28%	$1,345
36-45	18%	$1,589

Consommateurs conscients de la mode

Segment représentant 42% de la clientèle de Torrid, en mettant l'accent sur la mode axée sur les tendances.

• Revenu médian des ménages: 65 400 $
• Taux d'engagement en ligne: 73%
• Dépenses de mode mensuelles moyennes: 387 $

Communauté positive du corps

Le segment démographique comprenant 35% de la clientèle de Torrid, mettant l'accent sur le dimensionnement et la représentation inclusifs.

Métrique de l'engagement communautaire	Valeur
Abonnés des médias sociaux	1,2 million
Taux de fidélité à la marque	68%

Acheteurs en ligne et en magasin

Préférences d'achat multicanal avec des comportements d'achat distincts.

Canal d'achat	Pourcentage de ventes	Valeur de transaction moyenne
En ligne	62%	$224
En magasin	38%	$187

Consommateurs de mode de marché intermédiaire

Le segment ciblant les clients soucieux des prix à la recherche de mode de taille plus.

• Préférence de la gamme de prix: 49 $ - 249 $ par article
• Taux d'achat répété: 47%
• Dépenses de garde-robe trimestrielle moyennes: 673 $

Torrid Holdings Inc. (Curv) - Modèle d'entreprise: Structure des coûts

Marchandage des stocks

Au quatrième trimestre 2023, Torrid Holdings a déclaré des coûts d'inventaire totaux de 132,4 millions de dollars. La stratégie d'approvisionnement des stocks de l'entreprise implique:

• Coût des marchandises vendues (COGS): 298,7 millions de dollars au cours de l'exercice 2023
• Ratio de rotation des stocks: 3,2x
• Période de rétention des stocks moyens: 114 jours

Métriques d'approvisionnement des stocks	Montant ($)
Valeur d'inventaire total	132,4 millions de dollars
Coûts d'approvisionnement des stocks	87,6 millions de dollars

Opérations et entretien des magasins

Dépenses liées au magasin pour les avoirs Torrid au cours de l'exercice 2023:

• Total des dépenses d'exploitation des magasins: 214,3 millions de dollars
• Nombre de sites de vente au détail: 624
• Coût de maintenance du magasin moyen par emplacement: 343 000 $ par an

Répartition des opérations des magasins	Montant ($)
Loyer et occupation	92,1 millions de dollars
Services publics et maintenance	37,6 millions de dollars

Dépenses de marketing numérique

Investissement en marketing numérique pour Torrid Holdings:

• Dépenses totales de marketing numérique en 2023: 45,2 millions de dollars
• Marketing numérique en pourcentage de revenus: 7,8%
• Attribution du marketing du commerce électronique: 22,7 millions de dollars

Salaires et avantages sociaux des employés

Dépenses liées à la main-d'œuvre:

• Compensation totale des employés: 186,5 millions de dollars
• Salaire moyen des employés: 47 300 $
• Nombre total d'employés: 3 940

Catégorie de coûts des employés	Montant ($)
Salaires de base	142,3 millions de dollars
Avantages et taxes sur la paie	44,2 millions de dollars

Investissements technologiques et infrastructures

Dépenses liées à la technologie:

• Investissement total technologique: 37,8 millions de dollars
• Développement de la plate-forme de commerce électronique: 15,6 millions de dollars
• Infrastructure informatique et cybersécurité: 12,4 millions de dollars

Catégorie d'investissement technologique	Montant ($)
Logiciels et systèmes	22,3 millions de dollars
Matériel et infrastructure	15,5 millions de dollars

Torrid Holdings Inc. (Curv) - Modèle d'entreprise: Strots de revenus

Ventes en ligne directes

Au cours de l'exercice 2023, les revenus numériques de Torrid étaient de 353,1 millions de dollars, ce qui représente 44,5% du total des ventes nettes. Le canal de vente en ligne comprend Torrid.com et les applications mobiles.

Métrique de vente en ligne	Valeur 2023
Revenus numériques totaux	353,1 millions de dollars
Pourcentage de la vente nette totale	44.5%

Achats de détail en magasin

Les magasins de détail physiques ont généré 439,7 millions de dollars de ventes nettes au cours de l'exercice 2023, représentant 55,5% du total des revenus de l'entreprise.

Métrique de vente de magasins de détail	Valeur 2023
Revenus totaux en magasin	439,7 millions de dollars
Nombre d'emplacements de vente au détail	624 magasins

Services d'abonnement et de style

Torrid propose un programme de fidélité avec des détails spécifiques de génération de revenus:

• Membres du programme de fidélité totale: 4,3 millions
• Contribution des revenus du programme de fidélité: environ 30% du total des ventes

Accessoires et ventes de produits complémentaires

Les catégories de produits complémentaires comprennent:

• Intimes et vêtements de nuit
• Chaussure
• Accessoires

Catégorie de produits	Contribution des revenus
Intime	87,2 millions de dollars
Chaussure	62,5 millions de dollars
Accessoires	41,3 millions de dollars

Partenariats en gros

Torrid génère des revenus supplémentaires par le biais de canaux de gros, bien que des revenus de partenariat spécifiques n'aient pas été divulgués dans les états financiers publics.

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.