The Iconic shows early signs of a sales turnaround, powered by AI

Carrie LaFrenzSenior reporter

Mar 6, 2025 – 5.56pm

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The Iconic chief executive Jere Calmes says the online retailing giant is investing heavily in artificial intelligence to create a more personalised shopping experience and cut costs as it attempts to reset after years of faltering sales and ballooning losses.

The overhaul could be working, with the company recording a strong final quarter in 2024 even as it prepares to report a loss for the year. The value of merchandise sold – less expenses such as returns – rose 9 per cent in the quarter. But at $845 million it was 3.3 per cent lower than last year.

Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club.