Kidpik Corp. (PIK): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da moda infantil, a Kidpik Corp. (PIK) revolucionou como os pais compram os guarda-roupas de seus filhos por meio de um modelo inovador baseado em assinatura que combina tecnologia, personalização e conveniência. Ao aproveitar um algoritmo sofisticado de estilo e uma plataforma digital fácil de usar, Kidpik transforma a tarefa tradicionalmente desafiadora das roupas infantis em uma experiência insensata e envolvente que atende a famílias que consomem moda que buscam roupas modernas, acessíveis e perfeitamente dimensionadas para crianças idades 4-16. Este modelo de negócios Canvas revela o plano estratégico por trás da abordagem única do Kidpik para reimaginar o varejo infantil na era digital.

Kidpik Corp. (PIK) - Modelo de Negócios: Principais Parcerias

Varejistas on -line

Kidpik Corp. faz parceria com os principais varejistas on-line para distribuição de comércio eletrônico:

Varejista	Detalhes da parceria	Contribuição do canal de vendas
Amazon	Integração direta do mercado	27,3% das vendas online
Walmart	Marketplace e dropshipping	18,6% das vendas online

Fabricantes de roupas

Parcerias de fabricação na Ásia:

• Locais de fabricação primária: Vietnã, Bangladesh
• Custo médio de produção: US $ 4,75 por peça
• Volume anual de fabricação: 1,2 milhão de unidades

Plataformas de marketing digital

Plataforma	Gastos com marketing	Custo de aquisição do cliente
Meta ads	US $ 1,2 milhão anualmente	US $ 8,50 por cliente
Google anúncios	US $ 890.000 anualmente	US $ 7,25 por cliente

Logística e remessa

Principais parcerias de remessa:

• UPS: parceiro de remessa primária
• USPS: Rede de remessa secundária
• Custos anuais de envio: US $ 3,4 milhões
• Tempo médio de envio: 3-5 dias úteis

Redes de processamento de pagamento

Rede	Volume de transação	Taxas de processamento
Listra	62% das transações	2,9% + $ 0,30 por transação
PayPal	38% das transações	2,7% + $ 0,25 por transação

Kidpik Corp. (PIK) - Modelo de Negócios: Atividades -chave

Curadoria de caixas de assinatura de roupas para crianças personalizadas

O Kidpik processa aproximadamente 50.000 caixas mensais de assinatura de roupas para crianças de 4 a 16 anos. O volume anual de estilo atinge 600.000 caixas personalizadas.

Categoria de caixa	Volume mensal médio	Faixa de preço
Caixa de moda para meninas	30.000 caixas	$78-$120
Caixa de moda dos meninos	20.000 caixas	$72-$110

Desenvolvimento e manutenção da plataforma digital

Investimento de infraestrutura tecnológica de US $ 2,3 milhões anualmente. Plataforma suporta:

• Recomendações de estilo em tempo real
• Usuário profile gerenciamento
• Personalização de assinatura
• Interfaces móveis e da web

Algoritmos de estilo e recomendação do cliente

O algoritmo de aprendizado de máquina processa 250.000 dados de dados de preferência do cliente mensalmente. Taxa de precisão da recomendação: 87%.

Marketing e promoção de marca

Despesas anuais de marketing: US $ 4,5 milhões. Os canais de marketing incluem:

• Publicidade nas mídias sociais
• Parcerias de influenciadores
• Publicidade de exibição digital
• Campanhas de marketing por email

Canal de marketing	Porcentagem de orçamento	Gasto anual
Mídia social	42%	US $ 1,89 milhão
Exibição digital	28%	US $ 1,26 milhão
Marketing de influenciadores	18%	$810,000
Campanhas de e -mail	12%	$540,000

Gerenciamento de inventário e otimização da cadeia de suprimentos

Valor anual de inventário: US $ 12,6 milhões. A cadeia de suprimentos inclui 37 fabricantes de roupas em 6 países.

Categoria de inventário	Percentagem	Valor
Roupas de meninas	58%	US $ 7,31 milhões
Roupas de meninos	42%	US $ 5,29 milhões

Kidpik Corp. (PIK) - Modelo de negócios: Recursos -chave

Algoritmo de estilo proprietário e tecnologia de recomendação

A partir do quarto trimestre 2023, a plataforma de tecnologia proprietária da Kidpik processa aproximadamente 250.000 pontos de dados de preferência de estilo do cliente anualmente.

Métrica de tecnologia	Valor quantitativo
Algoritmos de aprendizado de máquina	7 modelos de recomendação exclusivos
Investimento de tecnologia anual	US $ 1,2 milhão
Capacidade de processamento de dados	500.000 interações do usuário/mês

Plataforma digital de comércio eletrônico

A plataforma digital de Kidpik suporta:

• Taxa de conversão móvel: 3,7%
• Duração média da sessão: 4,2 minutos
• Tempo de atividade da plataforma: 99,95%

Relacionamento da marca com fabricantes de roupas infantis

Relacionamento do fabricante	Detalhes
Total de Parceiros de Manufatura	12 fornecedores globais
Duração média da parceria	4,3 anos
Volume anual de compras	US $ 8,5 milhões em inventário de roupas

Dados do cliente e insights de preferência

Métricas de coleta de dados:

• Total de usuários registrados: 175.000
• Assinantes mensais ativos: 45.000
• Pontos médios de dados do cliente por profile: 37

Equipe de design e merchandising

Composição da equipe	Quantidade
Equipe total de design	22 funcionários
Designers seniores	6 profissionais
Investimento anual da equipe de design	US $ 1,7 milhão

Kidpik Corp. (PIK) - Modelo de Negócios: Proposições de Valor

Seleções de roupas personalizadas para crianças de 4 a 16 anos

A partir do quarto trimestre de 2023, o Kidpik oferece seleções de roupas personalizadas para crianças na faixa etária de 4 a 16 anos, com um mercado endereçável total de aproximadamente 53,4 milhões de crianças nos Estados Unidos.

Faixa etária	Tamanho de mercado	Porcentagem do mercado -alvo
4-8 anos	22,1 milhões de crianças	41.4%
9 a 12 anos	16,7 milhões de crianças	31.3%
13-16 anos	14,6 milhões de crianças	27.3%

Experiência de compra conveniente baseada em assinatura

O modelo de assinatura da Kidpik gera US $ 18,2 milhões em receita recorrente anual a partir de 2023, com um valor médio de vida útil do cliente de US $ 276.

• Caixas mensais de assinatura a partir de US $ 68
• A caixa média contém 6-8 itens de roupas
• Taxa de retenção de 42% para clientes recorrentes

Opções de moda acessíveis e modernas

Faixa de preço	Categoria de roupas	Preço médio
Orçamento	Tops/fundos básicos	$12-$18
Intervalo intermediário	Roupas sazonais	$25-$38
Premium	Desgaste de ocasiões especiais	$45-$65

Recomendações de estilo e dimensionamento sem complicações

O algoritmo de estilo proprietário da Kidpik fornece recomendações personalizadas com uma taxa de satisfação do cliente de 87%.

• Tecnologia de dimensionamento movida a IA
• Taxa de conclusão do teste de estilo de 94%
• Taxa de retorno reduzida para 12% através de recomendações precisas

Modelos flexíveis de assinatura e compra

Repartição da receita para opções flexíveis de compra em 2023:

Modelo de compra	Porcentagem da receita total	Valor médio da transação
Assinatura mensal	62%	$72
Compra única	28%	$45
Pacotes sazonais	10%	$110

Kidpik Corp. (PIK) - Modelo de Negócios: Relacionamentos do Cliente

Consultas de estilo online personalizadas

A Kidpik oferece serviços de estilo personalizados com as seguintes métricas:

Tipo de consulta	Volume anual	Duração média
Consultas de estilo digital	48.372 consultas	25 minutos
Sessões de estilo virtual	16.845 sessões	35 minutos

Canais de suporte ao cliente digital

A infraestrutura de suporte ao cliente inclui:

• Tempo de resposta ao vivo de bate -papo: 7,2 minutos
• Resolução de suporte por e -mail: 92,4% dentro de 24 horas
• Taxa de resposta das mídias sociais: 94,6%

Plataforma de gerenciamento de assinatura

Métrica de assinatura	Dados anuais
Total de assinaturas ativas	37,521
Duração média da assinatura	8,3 meses
Taxa mensal de retenção de assinatura	73.6%

Pesquisas de preferência de estilo regular

Métricas de engajamento da pesquisa:

• Participação anual da pesquisa: 42.156 clientes
• Taxa de conclusão da pesquisa: 68,3%
• Precisão de personalização: 89,7%

Programas de lealdade e referência

Métrica do programa	Desempenho anual
Membros totais de lealdade	52,384
Taxa de conversão de referência	14.2%
Recompensa de referência média	Crédito de US $ 25

Kidpik Corp. (PIK) - Modelo de Negócios: Canais

Site direto ao consumidor

A Kidpik opera seu canal de vendas primário através do Kidpik.com, que gerou US $ 14,3 milhões em receita on -line direta em 2023.

Métricas do site	2023 dados
Visitantes mensais únicos	287,500
Taxa de conversão	3.2%
Valor médio do pedido	$84.50

Aplicativo móvel

O aplicativo móvel da Kidpik disponível em plataformas iOS e Android.

Desempenho do aplicativo móvel	2023 Estatísticas
Downloads de aplicativos totais	126,000
Usuários ativos mensais	42,500
App Store Classificação	4.3/5

Plataformas de marketing de mídia social

• Instagram: 58.700 seguidores
• Facebook: 37.200 seguidores
• Tiktok: 22.500 seguidores

Campanhas de marketing por email

Métricas de marketing por email	2023 desempenho
Tamanho da lista de assinantes	215,000
Taxa aberta	22.4%
Taxa de cliques	7.6%

Redes de publicidade on -line

Gastes de publicidade: US $ 2,1 milhões em 2023

Rede de anúncios	Gastos	Alcançar
Google anúncios	$875,000	1,2 milhão de impressões
Anúncios do Facebook	$650,000	890.000 impressões
Anúncios do Instagram	$375,000	620.000 impressões
Pinterest anúncios	$200,000	350.000 impressões

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

Pais de crianças de 4 a 16 anos

Alvo Demografia baseada no Serviço de Assinatura de Roupas de Kidpik para crianças. Tamanho do mercado: 54,1 milhões de crianças nos Estados Unidos entre 4 e 16 anos a partir de 2023.

Faixa etária	População	Alcance potencial do mercado
4-8 anos	24,3 milhões	45% do segmento -alvo
9 a 12 anos	16,8 milhões	31% do segmento -alvo
13-16 anos	13 milhões	24% do segmento -alvo

Famílias conscientes da moda

Gastos domésticos médios no vestuário infantil: US $ 684 anualmente.

• 87% dos pais priorizam o estilo e a qualidade das roupas infantis
• 62% preferem seleções de moda com curadoria
• 53% dispostos a gastar preços premium em designs exclusivos

Famílias de renda média e alta

Media mediana de renda familiar: US $ 85.000 - US $ 150.000 anualmente.

Faixa de renda	Porcentagem do mercado -alvo	Assinantes estimados
$85,000 - $100,000	35%	42.000 assinantes em potencial
$100,000 - $150,000	45%	54.000 assinantes em potencial
$150,000+	20%	24.000 assinantes em potencial

Entusiastas de compras on -line

Penetração de comércio eletrônico para roupas infantis: 42% do mercado total.

• 68% preferem compras on -line para roupas infantis
• 73% usam dispositivos móveis para compra
• Recomendações personalizadas de valor de 55%

Pais em busca de conveniência

Mercado de soluções de compras que economiza tempo: US $ 12,4 bilhões em 2023.

Categoria pai	Porcentagem buscando conveniência	Gasto mensal médio
Pais que trabalham	78%	$129
Pais solteiros	65%	$98
Pais de ficar em casa	52%	$87

Kidpik Corp. (PIK) - Modelo de Negócios: Estrutura de Custo

Fabricação e fornecimento de produtos

Custos anuais de fabricação de produtos: US $ 8,2 milhões

Categoria de custo	Despesa anual
Fornecimento de tecido	US $ 3,1 milhões
Produção de roupas	US $ 4,5 milhões
Design e prototipagem	$600,000

Manutenção de infraestrutura de tecnologia

Despesas anuais de infraestrutura tecnológica anual: US $ 1,7 milhão

• Hospedagem em nuvem e custos do servidor: US $ 450.000
• Licenciamento de software: US $ 380.000
• Suporte e manutenção de TI: $ 520.000
• Investimentos de segurança cibernética: US $ 350.000

Marketing e aquisição de clientes

Despesas anuais de marketing: US $ 3,6 milhões

Canal de marketing	Gastos
Publicidade digital	US $ 1,8 milhão
Marketing de mídia social	$650,000
Parcerias de influenciadores	$450,000
Marketing por e -mail	$250,000
Mídia impressa e tradicional	$450,000

Despesas de logística e remessa

Custos de logística anuais totais: US $ 2,9 milhões

• Armazenamento: US $ 750.000
• Envio e atendimento: US $ 1,8 milhão
• Materiais de embalagem: US $ 350.000

Pessoal e sobrecarga operacional

Pessoal anual e despesas operacionais: US $ 6,4 milhões

Categoria de custo	Despesa anual
Salários e salários	US $ 4,9 milhões
Benefícios dos funcionários	$890,000
Aluguel e utilitários do escritório	$410,000
Despesas administrativas	$200,000

Estrutura de custo anual total: US $ 22,8 milhões

Kidpik Corp. (PIK) - Modelo de negócios: fluxos de receita

Vendas mensais de caixa de assinatura

No quarto trimestre 2023, a Kidpik gerou US $ 12,4 milhões em receita de caixa de assinatura. Preço médio de assinatura mensal: US $ 59,99.

Camada de assinatura	Preço mensal	Contribuição anual da receita
Assinatura básica	$59.99	US $ 7,2 milhões
Assinatura premium	$79.99	US $ 5,2 milhões

Compras de itens de roupas individuais

As vendas individuais de itens em 2023 totalizaram US $ 8,6 milhões. Preço médio do item: US $ 24,50.

Taxas de serviço de estilo

Receita de serviço de estilo pessoal: US $ 1,7 milhão em 2023. Faixa de taxas de estilo: US $ 15 a US $ 25 por consulta.

Marketing de referência e afiliado

Receita de marketing de afiliados: US $ 672.000 em 2023. Comissão média de referência: 7-12% por transação.

Coleções de roupas sazonais

Receita sazonal de coleta: US $ 4,3 milhões em 2023.

Temporada	Receita	Porcentagem de vendas anuais
Coleção da primavera	US $ 1,4 milhão	32.5%
Coleção de verão	US $ 1,2 milhão	28%
Coleção de outono	US $ 1,1 milhão	25.6%
Coleção de inverno	$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.