Kidpik Corp. (PIK): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la mode pour enfants, Kidpik Corp. (PIK) a révolutionné la façon dont les parents achètent les armoires de leurs enfants grâce à un modèle innovant basé sur un abonnement qui mélange la technologie, la personnalisation et la commodité. En tirant parti d'un algorithme de style sophistiqué et d'une plate-forme numérique conviviale, KidPik transforme la tâche traditionnellement difficile des achats de vêtements pour enfants en une expérience sans effort et engageante qui s'adresse aux familles conscientes de la mode à la recherche de tenues tendance, abordables et parfaitement de taille pour les enfants des enfants pour les enfants d'âge des enfants pour les enfants d'âge des enfants, abordables et de taille parfaitement de taille pour les enfants pour les enfants, 4-16. Cette toile de modèle commercial révèle le plan stratégique derrière l'approche unique de Kidpik pour réinventer la vente au détail des enfants à l'ère numérique.

Kidpik Corp. (PIK) - Modèle d'entreprise: partenariats clés

Détaillants en ligne

Kidpik Corp. s'associe aux principaux détaillants en ligne pour la distribution du commerce électronique:

Détaillant	Détails du partenariat	Contribution du canal de vente
Amazone	Intégration directe du marché	27,3% des ventes en ligne
Walmart	Marketplace et dropshipping	18,6% des ventes en ligne

Fabricants de vêtements

Partenariats de fabrication en Asie:

• Emplacements de fabrication primaires: Vietnam, Bangladesh
• Coût de production moyen: 4,75 $ par vêtement
• Volume de fabrication annuel: 1,2 million d'unités

Plateformes de marketing numérique

Plate-forme	Dépenses marketing	Coût d'acquisition des clients
Méta-annonces	1,2 million de dollars par an	8,50 $ par client
Publicités Google	890 000 $ par an	7,25 $ par client

Logistique et expédition

Partenariats d'expédition clés:

• UPS: partenaire d'expédition primaire
• USPS: réseau d'expédition secondaire
• Frais d'expédition annuels: 3,4 millions de dollars
• Temps d'expédition moyen: 3-5 jours ouvrables

Réseaux de traitement des paiements

Réseau	Volume de transaction	Frais de traitement
Bande	62% des transactions	2,9% + 0,30 $ par transaction
Paypal	38% des transactions	2,7% + 0,25 $ par transaction

Kidpik Corp. (PIK) - Modèle d'entreprise: activités clés

Gurer les boîtes d'abonnement aux vêtements pour enfants personnalisés

Kidpik traite environ 50 000 boîtes d'abonnement à vêtements mensuelles pour les enfants de 4 à 16 ans. Le volume de style annuel atteint 600 000 boîtes personnalisées.

Catégorie de boîte	Volume mensuel moyen	Fourchette
Boîte de mode pour filles	30 000 boîtes	$78-$120
Boîte de mode pour garçons	20 000 boîtes	$72-$110

Développement et maintenance de plate-forme numérique

Investissement infrastructure technologique de 2,3 millions de dollars par an. Prise en charge de la plate-forme:

• Recommandations de style en temps réel
• Utilisateur profile gestion
• Personnalisation de l'abonnement
• Interfaces mobiles et Web

Algorithmes de style et de recommandation des clients

L'algorithme d'apprentissage automatique traite 250 000 points de données de préférence des clients mensuellement. Taux de précision de recommandation: 87%.

Marketing et promotion de la marque

Dépenses de marketing annuelles: 4,5 millions de dollars. Les canaux de marketing comprennent:

• Publicité sur les réseaux sociaux
• Partenariats d'influence
• Publicité d'affichage numérique
• Envoyer des campagnes de marketing par e-mail

Canal de marketing	Pourcentage de budget	Dépenses annuelles
Réseaux sociaux	42%	1,89 million de dollars
Affichage numérique	28%	1,26 million de dollars
Marketing d'influence	18%	$810,000
Campagnes par e-mail	12%	$540,000

Gestion des stocks et optimisation de la chaîne d'approvisionnement

Valeur d'inventaire annuelle: 12,6 millions de dollars. La chaîne d'approvisionnement comprend 37 fabricants de vêtements dans 6 pays.

Catégorie d'inventaire	Pourcentage	Valeur
Vêtements de filles	58%	7,31 millions de dollars
Vêtements de garçons	42%	5,29 millions de dollars

Kidpik Corp. (PIK) - Modèle d'entreprise: Ressources clés

Algorithme de style propriétaire et technologie de recommandation

Depuis le quatrième trimestre 2023, la plate-forme technologique propriétaire de KidPik traite environ 250 000 points de données de préférence de style client par an.

Métrique technologique	Valeur quantitative
Algorithmes d'apprentissage automatique	7 modèles de recommandation uniques
Investissement technologique annuel	1,2 million de dollars
Capacité de traitement des données	500 000 interactions utilisateur / mois

Plateforme de commerce électronique numérique

Prise en charge de la plate-forme numérique de Kidpik:

• Taux de conversion mobile: 3,7%
• Durée moyenne de la session: 4,2 minutes
• Temps de disponibilité de la plate-forme: 99,95%

Relations de marque avec les fabricants de vêtements pour enfants

Relation du fabricant	Détails
Partenaires de fabrication totale	12 fournisseurs mondiaux
Durée du partenariat moyen	4,3 ans
Volume de l'approvisionnement annuel	8,5 millions de dollars d'inventaire de vêtements

Données clients et informations sur les préférences

Mesures de collecte de données:

• Total des utilisateurs enregistrés: 175 000
• Abonnés mensuels actifs: 45 000
• Points de données du client moyen par profile: 37

Équipe de conception et de marchandisage

Composition de l'équipe	Quantité
Personnel de conception totale	22 employés
Concepteurs seniors	6 professionnels
Investissement annuel de l'équipe de conception	1,7 million de dollars

Kidpik Corp. (PIK) - Modèle d'entreprise: propositions de valeur

Sélections de vêtements personnalisés pour les enfants de 4 à 16 ans

Depuis le quatrième trimestre 2023, KidPik propose des sélections de vêtements personnalisées pour les enfants dans la tranche d'âge de 4 à 16 ans, avec un marché total adressable d'environ 53,4 millions d'enfants aux États-Unis.

Groupe d'âge	Taille du marché	Pourcentage du marché cible
4-8 ans	22,1 millions d'enfants	41.4%
9-12 ans	16,7 millions d'enfants	31.3%
13-16 ans	14,6 millions d'enfants	27.3%

Expérience d'achat basée sur l'abonnement pratique

Le modèle d'abonnement de KidPik génère 18,2 millions de dollars de revenus récurrents annuels à partir de 2023, avec une valeur à vie moyenne de 276 $.

• Boîtes d'abonnement mensuelles à partir de 68 $
• La boîte moyenne contient 6 à 8 vêtements
• Taux de rétention de 42% pour les clients réguliers

Options de mode abordables et à la mode

Fourchette	Catégorie de vêtements	Prix ​​moyen
Budget	Tops / bas de base	$12-$18
Milieu de gamme	Tenues saisonnières	$25-$38
Prime	Vêtements d'occasion spéciaux	$45-$65

Recommandations de style et de dimensionnement sans tracas

L'algorithme de style propriétaire de KidPik fournit des recommandations personnalisées avec un taux de satisfaction du client de 87%.

• Technologie de dimensionnement alimentée par AI
• Taux d'achèvement du quiz de style de 94%
• Le taux de retour réduit à 12% grâce à des recommandations précises

Modèles d'abonnement et d'achat flexibles

Répartition des revenus pour les options d'achat flexibles en 2023:

Modèle d'achat	Pourcentage du total des revenus	Valeur de transaction moyenne
Abonnement mensuel	62%	$72
Achat unique	28%	$45
Paquets de saison	10%	$110

Kidpik Corp. (PIK) - Modèle d'entreprise: relations avec les clients

Consultations de style en ligne personnalisées

Kidpik propose des services de style personnalisés avec les mesures suivantes:

Type de consultation	Volume annuel	Durée moyenne
Consultations de style numérique	48 372 consultations	25 minutes
Séances de style virtuel	16 845 séances	35 minutes

Canaux de support client numérique

L'infrastructure de support client comprend:

• Temps de réponse du chat en direct: 7,2 minutes
• Résolution du support par e-mail: 92,4% dans les 24 heures
• Taux de réponse des médias sociaux: 94,6%

Plateforme de gestion d'abonnement

Métrique d'abonnement	Données annuelles
Abonnements actifs totaux	37,521
Durée de l'abonnement moyen	8,3 mois
Taux de rétention d'abonnement mensuel	73.6%

Enquêtes de préférence de style régulier

Métriques d'engagement de l'enquête:

• Participation annuelle de l'enquête: 42 156 clients
• Taux d'achèvement de l'enquête: 68,3%
• Précision de la personnalisation: 89,7%

Programmes de fidélité et de référence

Métrique du programme	Performance annuelle
Membres de la fidélité totale	52,384
Taux de conversion de référence	14.2%
Récompense de référence moyenne	Crédit 25 $

Kidpik Corp. (PIK) - Modèle commercial: canaux

Site Web directement aux consommateurs

KidPik exploite son canal de vente principal via Kidpik.com, qui a généré 14,3 millions de dollars de revenus en ligne directs en 2023.

Métriques du site Web	2023 données
Visiteurs mensuels uniques	287,500
Taux de conversion	3.2%
Valeur de commande moyenne	$84.50

Application mobile

L'application mobile de KidPik disponible sur les plates-formes iOS et Android.

Performance de l'application mobile	2023 statistiques
Total des téléchargements d'applications	126,000
Utilisateurs actifs mensuels	42,500
Note de l'App Store	4.3/5

Plateformes de marketing des médias sociaux

• Instagram: 58 700 abonnés
• Facebook: 37 200 abonnés
• Tiktok: 22 500 abonnés

Envoyer des campagnes de marketing par e-mail

Email Marketing Metrics	Performance de 2023
Taille de la liste des abonnés	215,000
Taux d'ouverture	22.4%
Taux de clics	7.6%

Réseaux de publicité en ligne

Dépenses publicitaires: 2,1 millions de dollars en 2023

Réseau publicitaire	Dépenses	Atteindre
Publicités Google	$875,000	1,2 million d'impressions
Publicités Facebook	$650,000	890 000 impressions
Annonces Instagram	$375,000	620 000 impressions
Publicités Pinterest	$200,000	350 000 impressions

Kidpik Corp. (PIK) - Modèle d'entreprise: segments de clientèle

Parents d'enfants âgés de 4 à 16 ans

Target démographique basé sur le service d'abonnement aux vêtements de Kidpik pour les enfants. Taille du marché: 54,1 millions d'enfants aux États-Unis entre 4 et 16 ans en 2023.

Groupe d'âge	Population	Portée du marché potentiel
4-8 ans	24,3 millions	45% du segment cible
9-12 ans	16,8 millions	31% du segment cible
13-16 ans	13 millions	24% du segment cible

Familles conscientes de la mode

Dépenses moyennes des ménages sur les vêtements pour enfants: 684 $ par an.

• 87% des parents hiérarchisent le style et la qualité des vêtements pour enfants
• 62% préfèrent les sélections de mode organisées
• 53% disposés à dépenser des prix premium pour les conceptions uniques

Ménages à revenu moyen et supérieur

Objectif de revenu des ménages médians: 85 000 $ - 150 000 $ par an.

Tranche de revenu	Pourcentage du marché cible	Abonnés estimés
$85,000 - $100,000	35%	42 000 abonnés potentiels
$100,000 - $150,000	45%	54 000 abonnés potentiels
$150,000+	20%	24 000 abonnés potentiels

Antariens d'achat en ligne

Pénétration du commerce électronique pour les vêtements pour enfants: 42% du marché total.

• 68% préfèrent les achats en ligne pour les vêtements pour enfants
• 73% utilisent des appareils mobiles pour l'achat
• Recommandations personnalisées de valeur 55%

Parents de recherche de commodité

Marché des solutions d'achat dans le temps: 12,4 milliards de dollars en 2023.

Catégorie des parents	Pourcentage de la commodité à la recherche	Dépenses mensuelles moyennes
Parents qui travaillent	78%	$129
Parents célibataires	65%	$98
Parents au foyer	52%	$87

Kidpik Corp. (PIK) - Modèle d'entreprise: Structure des coûts

Fabrication et approvisionnement des produits

Coûts de fabrication de produits annuels: 8,2 millions de dollars

Catégorie de coûts	Dépenses annuelles
Sourcing en tissu	3,1 millions de dollars
Production de vêtements	4,5 millions de dollars
Conception et prototypage	$600,000

Maintenance des infrastructures technologiques

Total des frais d'infrastructure technologique annuelle: 1,7 million de dollars

• Hébergement cloud et coûts de serveur: 450 000 $
• Licence de logiciel: 380 000 $
• Soutien et maintenance informatiques: 520 000 $
• Investissements en cybersécurité: 350 000 $

Marketing et acquisition de clients

Dépenses de marketing annuelles: 3,6 millions de dollars

Canal de marketing	Dépenses
Publicité numérique	1,8 million de dollars
Marketing des médias sociaux	$650,000
Partenariats d'influence	$450,000
E-mail marketing	$250,000
Impression et médias traditionnels	$450,000

Frais de logistique et d'expédition

Coûts logistiques annuels totaux: 2,9 millions de dollars

• Entreposage: 750 000 $
• Expédition et accomplissement: 1,8 million de dollars
• Matériel d'emballage: 350 000 $

Personnel et frais généraux opérationnels

Personnel annuel et dépenses opérationnelles: 6,4 millions de dollars

Catégorie de coûts	Dépenses annuelles
Salaires et salaires	4,9 millions de dollars
Avantages sociaux	$890,000
Loyer de bureau et services publics	$410,000
Frais administratifs	$200,000

Structure totale des coûts annuels: 22,8 millions de dollars

Kidpik Corp. (PIK) - Modèle d'entreprise: Strots de revenus

Ventes mensuelles de la boîte d'abonnement

Au quatrième trimestre 2023, KIDPIK a généré 12,4 millions de dollars en revenus de la boîte d'abonnement. Prix ​​d'abonnement mensuel moyen: 59,99 $.

Niveau d'abonnement	Prix ​​mensuel	Contribution annuelle des revenus
Abonnement de base	$59.99	7,2 millions de dollars
Abonnement premium	$79.99	5,2 millions de dollars

Achats individuels de vêtements

Les ventes d'articles individuels en 2023 ont totalisé 8,6 millions de dollars. Prix ​​moyen de l'article: 24,50 $.

Frais de service

Revenus de services de style personnel: 1,7 million de dollars en 2023. Plage de frais de style: 15 $ à 25 $ par consultation.

Marketing de référence et d'affiliation

Revenus de marketing d'affiliation: 672 000 $ en 2023. Commission de référence moyenne: 7-12% par transaction.

Collections de vêtements de saison

Revenus de collecte saisonnière: 4,3 millions de dollars en 2023.

Saison	Revenu	Pourcentage de ventes annuelles
Collection de printemps	1,4 million de dollars	32.5%
Collection d'été	1,2 million de dollars	28%
Collection d'automne	1,1 million de dollars	25.6%
Collection d'hiver	$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.