Shoppers are no longer able to place orders on the site. In July 2018, Brandless announced that SoftBank Vision Fund — the Japanese conglomerate that has backed or bought Uber, Slack, WeWork, Wag, Zume, and more — had invested $240 million in the company at a valuation of more than $500 million. Brandless, the SoftBank-backed e-commerce startup that originally sold all of its products for $3, confirmed yesterday that it will shut down. Sign up for Insider Retail. Brandless will also lay off almost 90 percent of its staff, or 70 people, leaving 10 workers to handle the final customer orders and assess offers for acquisitions, according to the news website Protocol, which first reported the shutdown Monday. Brandless, the retail startup that shared an investor with Uber and WeWork, is shutting down after less than three years in business. Just four months after an abrupt February shutdown , the direct-to-consumer grocery startup relaunched on Monday with a limited assortment of bundles of consumables for sale at brandless.com. Brandless will stop taking orders and cut about 70 … Facebook. The company will be laying off 70 people, or nearly 90% of its staff, according to a company spokesperson. Privacy Notice Behind the scenes: Sources say Brandless had sought a buyer, via a bank-led process, but was unable to garner any bids. as well as other partner offers and accept our, Visit Business Insider's homepage for more stories, Brandless executives reveal the e-commerce company's plan to become the CBD market leader. In March 2019, Brandless cofounder and CEO Tina Sharkey resigned from her role, which was taken up by the brand’s CFO, Evan Price, and later by John Rittenhouse, the former COO. The e-commerce company Brandless is shutting down, it confirmed to Business Insider. Founded by Ido Leffler and Tina Sharkey, it launched in July 2017 with a selection of 115 items, many of them marketed as healthy and environmentally-conscious. We've received your submission. "Brandless set a new standard in the wellness and sustainable products industry, and while we weren't able to compete competitively in today's DTC market, I'm confident the next great brands of tomorrow will be built from this experience," Brandless CEO Evan Price said in a statement to Business Insider. The San Francisco-based company has stopped taking all new orders and plans to lay off 70 people, or about 90% of its staff, as it winds down operations. Jeffrey Housenbold, a managing partner at SoftBank Investment Advisors who joined the Brandless board of directors, praised the firm’s “highly data-driven approach” and “personalized shopping experience” at the time. 2,122, This story has been shared 815 times. February 10, 2020. Brandless, a direct-to-consumer startup focused on food, beauty and personal care products, had announced it had raised a total of $292.5 million since its inception in 2016, according to Crunchbase data. “While the Brandless team set a new bar for the types of products consumers deserve and at prices they expect, the fiercely competitive direct-to-consumer market has proven unsustainable for our current business model,” the company said. Today direct-to-consumer retailer Brandless becomes the first SoftBank Vision Fund-backed startup to close down, as it stops taking orders and halts all business operations. Sorry, your blog cannot share posts by email. WeWork had to scrap plans to go public last year amid non-stop headlines about ex-CEO Adam Neumann’s alleged self-dealing, erratic behavior and marijuana use. 644, © 2021 NYP Holdings, Inc. All Rights Reserved Brandless, a retail brand that offered hundreds of products at a price point of $3, is shutting down a little more than two years after its launch. The shutdown marks a series of difficult weeks for the industry. In 2018, Brandless raised $240 Million in an attempt to create a minimalistic and affordable brand that sells everything from snacks to home goods to toiletries. since, “No Rules Rules: Netflix and the Culture of Reinvention”. Online retailer Brandless will lay off 70 people, or almost 90% of its staff, as it prepares to shut down business operations, the company confirmed to CNBC. Direct-to-consumer retailer Brandless is shutting down, a company spokesperson confirmed to Grocery Dive in an email. It's not exactly correct to think of the lack of a logo being the lack of a brand -- brandlessness is the brand, logo or not. By. SoftBank Vision Fund led its last … After less than three years in operation, Brandless, the online DTC brand originally known for selling generically labelled personal care and household products at a $3 price point, has closed. Terms of Use Brandless is making a comeback four months after it shut down in February. SoftBank-Backed Brandless Shuts Down Business - BeautyMatter. Yahoo reports that less than … Brandless is an American e-commerce company that manufactures and sells products under its own Brandless label. 0. Twitter shut down US President Donald Trump's account Friday, booting him from the global service to prevent another attack on the Capitol building. Your Ad Choices This news follows a … When it launched, almost everything on its site was $3. Neil Stern. Better products, simple prices. In October, Brandless said it was looking to start selling its products in major retailers' physical stores, signaling a shift in its online-only business model. 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