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Something Navy has been in retail waters this year.
The clothing logo unveiled through fashion influencer Arielle Charnas in 2020 has faced faltering sales, hordes of workers have left the company and the logo has fallen on invoices to suppliers.
In June, Insider reported that Something Navy CEO Matt Scanlan would step down, leaving a company that has shrunk significantly, closed two stores, delayed visitor orders, and halted production of its new clothing lines for the year.
Currently, no products are sold on the Something Navy website, where a note reads: “The Something Navy is being renewed. Come back soon to buy your favorite styles. “
Something Navy, which is a privately held company, valued at $100 million a year after the logo launch, the company told Insider in 2021.
In its early days, the logo raised $17. 5 million from investors who added venture capital firms Third Kind Venture Capital and Silas Capital, trimmed the Harry’s logo and BoxGroup, such as Hong Kong billionaire Silas Chou and Rent the Runway co-founder Jenny. Fleiss.
Regarding the most recent progression with Charnas: the U. S. Securities and Exchange Commission. The U. S. Department of Defense is investigating whether Charnas’ husband, Brandon Charnas, is involved in “possible insider trading,” according to a news release. Brandon Charnas, who the SEC says did not cooperate with the investigation. , traded shares weeks before Staples announced an offer to get Office Depot, generating at least $385,000 in profit, according to the press release.
Here’s a timeline of Something Navy’s immediate downfall.
Something Navy is a clothing company for women and children. The logo had planned to launch in March 2020, but the Covid-19 pandemic delayed its launch until July.
In the past, the logo collaborated with Superga on shoes and Parisian fashion brand ba.
Source: Insider
After its first year, Something Navy made $32 million in profit and was valued at $100 million, the company told Insider in 2021. Harry’s logo, according to the company.
Matt Scanlan, co-founder and CEO of cashmere apparel company Naadam, was named CEO of Something Navy in 2019. He is the face of the brand, as well as its artistic director.
Source: Insider, Insider
Charnas, 36, is a fashion influencer who gained popularity for her blog “Something Navy” in 2009, where she delves into the main points of her private life and style. In a decade, the blog has become a media logo and a fashion logo. Today, Charnas has 1. 3 million followers on his private Instagram account.
Source: Insider
In 2017, Charnas introduced a collection of clothing and accessories sold exclusively through Nordstrom. On the first day of the collection’s release, Nordstrom sold more than $4. 4 million worth of items, Something Navy told Insider in 2020. After a two-year partnership with Nordstrom, Charnas expanded Something Navy into his own fashion company.
“Ultimately, I sought more control,” Charnas told CNBC in 2020. “The goal of this logo is to provide precisely what my fans are asking for. “
Source: Insider, Insider, CNBC
In March 2020, Charnas suffered a backlash after posting on social media the announcement of a positive Covid-19 test result. At the time, Covid testing was limited and reserved for high-risk people. your home in the Hamptons when stay-at-home orders were recommended for Covid-19.
In an Instagram post, Charnas apologized to his followers. He said his circle of relatives followed Centers for Disease Control and Prevention rules to isolate themselves 14 days after experiencing symptoms before traveling, to put others at risk of contracting covid.
“I apologize to everyone, I accidentally harmed my decision-making,” he wrote in the post.
Source: Insider
The logo generated more than a million dollars in sales in the first 30 minutes of the ecommerce site’s launch in July 2020, Something Navy told Insider that year. last year.
Source: Insider
As of December 2022, more than 20 current and former workers told Insider that Something Navy was falling behind on bills to global suppliers, freelancers, and models. That year, nearly a portion of Something Navy’s full-time workers left the company and sales were scarce, Insider reported. Employees told Insider they left the company because they felt CEO Matt Scanlan wasn’t addressing the demanding situations the company faced. The former workers also told Insider that Scanlan was keeping Charnas abreast of the company’s difficulties.
Source: Insider
The clothing logo stopped reimbursing the supplier in June 2022, but began paying him back after Insider began reporting the story. This vendor is just one of many who told Insider they were facing overdue bills from the clothing logo.
Source: Insider
Instead of being photographed dressed in Something Navy, Charnas was photographed dressed in luxury designer brands, Insider reported. After Betty Wang was hired as president of Something Navy that year, Charnas didn’t announce the news on her Instagram.
In 2022, Charnas stated on his Instagram that he works four hours a day, which more than 50 founders told Insider wasn’t enough time to grow a successful business.
Source: Insider, Insider
Discussions about a possible separation between Charnas and her husband, Brandon Charnas, were circulating in late 2022. There were also rumors that Brandon, who owns a real estate company, had embezzled money from Something Navy. Scanlan attempted to dispel the rumors by issuing a denial of the claim. Charnas representatives also issued a dispelling of divorce rumors.
Source: Insider
In the months following Insider’s initial investigation into Something Navy, more workers left the company or were laid off, and production of the brand’s clothing ground to a halt.
Source: Insider
That month, Scanlan removed the company from his LinkedIn.
“Matt has weathered the macro typhoon that has hit virtually everyone in womenswear for the past 24 months to keep Something Navy and Naadam afloat,” Scanlan’s spokesperson told Insider. “Regardless of those industry-wide challenges, he still believes Something Navy will be a success, no matter what makeup it takes along the way. In the meantime, he’s taking advantage of Naadam and larger logo opportunities amid those industry changes. , with a continuous profitability”.
Source: Insider
“I know many of you have asked what is going on right now with @somethingnavy and rightly so,” Charnas wrote. Make it so that it is the logo possible. This mini disruption is one of them. “
Instagram is no longer visual on Charnas’ Instagram.
Source: Insider
The U. S. Securities and Exchange Commissionis investigating whether Brandon was concerned about “potential insider trading violations,” according to a press release. $385,000 in profits. Charnas did not cooperate with his investigation, according to theArray
The SEC said it “found that any individual or entity violated the federal securities laws. “
The official Instagram account of the logo has remained silent. The logo has been published twice in the past three months, with the most recent post selling the logo’s association with the American Girl doll logo.
And Something Navy has paused. No products are sold on the site, and an ad on the site reads, “The Something Navy site is being updated. Come back soon to buy your favorite styles. “