Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
Kit and Ace, the technical cashmere company brought to life by Lululemon founder Chip Wilson's family, opened 61 shops across the world in two years.
But it just hit a bump in the road, Fortune reports. Kit and Ace laid off about 10% of staff, or 35 people, at its Vancouver headquarters this past week.
"Like other tech start-ups, we are in a constant pursuit of learning, improving and adjusting our strategy," Kit and Ace chief executive Paul Wilson told Fortune.
The company plans to slow down its expansion, opening 10 stores this year, and instead focus on new products and building its brand. Business Vancouver reports that Kit and Ace had 700 employees before the staff cuts.
Kit and Ace suffered some bad press earlier than this month when the New York Times trailed Chip Wilson as he met with Kit and Ace employees, but the profile ended up focusing more on Wilson's lengthy shaming of the reporter for being late to the interview.