Founded by entrepreneurs Tina Sharkey and Ido Leffler, Brandless offered hundreds of basic home goods, food staples and other essentials in monochromatic packaging with a focus on organic and natural products. … Behind the scenes: Sources say Brandless had sought a buyer, via a bank-led process, but was unable to garner any bids. 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. Direct-to-consumer website Brandless shuts down, online grocery delivery service Peapod cuts its Midwest division, organic fruit and vegetable platform Daily Harvest promotes ingredient transparency, and more in this week's Checkout. The San Francisco-based company has stopped taking all new orders and plans to … 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. Brandless, once a direct-to-consumer darling brand selling grocery and other essential items, is shutting down. Brandless, the retail startup that shared an investor with Uber and WeWork, is shutting down after less than three years in business. Twitter. 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. Share on email. "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.". Twitter shut down US President Donald Trump's account Friday, booting him from the global service to prevent another attack on the Capitol building. Brandless (San Francisco) announced it will lay off 70 people as it shuts down operations after only three years of business. This story has been shared 2,122 times. Brandless has shut its doors less than three years after launching and a $240 million investment from SoftBank that valued it at $500 million. When it launched, almost everything on its site was $3. Facebook. Share on facebook . 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. I think a more true representation of "brandlessness" is AmazonBasics. Brandless, a DTC startup focused on food, beauty and personal care products, had raised a total of $292.5 million since its inception in 2016. "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. 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. Throw a win into the brand name recognition column after all. 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"I'm proud of what we created at Brandless and the hard work and dedication of everyone on the team," Brandless CEO Evan Price said in a statement to Business Insider. Adam Neumann’s chairman successor tried to poke holes in the... Post was not sent - check your email addresses! [ad_2] Source Business News. Get it now on Libro.fm using the button below. 0. 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. The Vision Fund led a $240 million round of funding for Brandless that was announced in July 2018, a year after the company launched. since, “No Rules Rules: Netflix and the Culture of Reinvention”. 644, © 2021 NYP Holdings, Inc. All Rights Reserved The company, which sold simply branded household, personal care, baby, and pet products on the cheap, is no longer taking orders and has laid off 70 people. Creed Politico - February 10, 2020. Brandless, the SoftBank-backed e-commerce startup that originally sold all of its products for $3, confirmed yesterday that it will shut down. Thanks for contacting us. Share on reddit. And DoorDash has faced scrutiny over its practice of effectively pocketing tips meant for delivery workers, which it changed last year. Brandless, the retail startup that shared an investor with Uber and WeWork, is shutting down after less than three years in business. Pinterest. A leading-edge research firm focused on digital transformation. 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. Sign up for Insider Retail. Account active The company, which sold simply branded household, personal care, baby, and pet products on the cheap, … SoftBank-backed Brandless has reportedly shut down operations, according to an article by Protocol’s Biz Carson. 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. Brandless has shut down (bloomberg.com) 59 points by TuringNYC 4 hours ago | hide | past | web | favorite | 35 comments: hbosch 2 hours ago. Sitemap Do Not Sell My Personal Information. On 10 February 2020, Brandless and key investor SoftBank confirmed that Brandless was terminating its operations. Privacy Notice Most items were priced at $3. Brandless will stop taking orders and cut about 70 … 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. Brandless, a San Francisco-based e-commerce company that made and sold an assortment of "cruelty-free" products in beauty and personal care, household, baby and pet categories, has shut its doors less than three years after officially opening them in July 2017. The startup was funded by SoftBank Group Corp.’s (Tokyo) $100 billion “Vision Fund,” initially receiving $240 million. WhatsApp [ad_1] This news follows a tumultuous few years for the once-promising startup that offered high quality, “brandless” goods for a single fixed price point of $3. Subscriber 815, This story has been shared 644 times. In July of 2018, Brandless announced Brandless Inc., a direct-to-consumer personal care and packaged goods company, is closing down. 73. A spokeswoman for the Vision Fund did not immediately respond to a request for comment Tuesday morning. 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. While Brandless is the Vision Fund’s first investment to close, some of its other bets have hit bumps in the road. Do Not Sell My Personal Information, Your California Privacy Rights 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. SoftBank-Backed Brandless Shuts Down Business - BeautyMatter. 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. A report from Protocol broke the news, noting the company will stop taking orders and halt its business operations. The company's remaining 10 employees will work to fulfill its last customer orders and consider acquisition offers, according to Protocol, which first reported the news that Brandless would be shutting down. February 11, 2020 at 8:40 AM EST; By Glenn Taylor; Share on linkedin. Share on twitter. SoftBank-backed Brandless, which sold private-label household essentials for $3 each, is shutting down. Terms of Use Your California Privacy Rights The e-commerce company Brandless is shutting down, it confirmed to Business Insider. The San Francisco-based company announced that … 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. Facebook. We've received your submission. Better products, simple prices. “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. 2,122, This story has been shared 815 times. The company was known early on for pricing items at $3 apiece, but it introduced more expensive offerings and a subscription service last year. 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. eMarketer principal analysts Nicole Perrin and Andrew Lipsman discuss the state of direct-to-consumer brands and why some major players, such as Brandless … Brandless launched in 2017 selling private-label household and personal care products at low prices. Brandless is back, sort of. Neil Stern. Subscribe to the Crunchbase Daily. This news follows a tumultuous few years for the once promising start-up that offered high quality, “brandless” goods for a single fixed price point of $3. Brandless is making a comeback four months after it shut down in February. The company will be laying off 70 people, or nearly 90% of its staff, according to a company spokesperson. By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider Twitter . The biggest stories in fast food, shopping, and more. Sorry, your blog cannot share posts by email. Brandless, a San Francisco-based e-commerce company that made and sold an assortment of "cruelty-free" products in beauty and personal care, household, baby and pet categories, has shut its doors less than three years after officially opening them in July 2017. SoftBank Vision Fund led its last … This news follows a … Today, just two and a half years after it launched, the online store Brandless is shutting down. Direct-to-consumer retailer Brandless is shutting down, a company spokesperson confirmed to Grocery Dive in an email. February 10, 2020. As part of its shut-down, the company will reportedly lay off 70 employees, with 10 staying aboard to resolve outstanding orders and presumably figure out how to sell its remaining assets. Brandless Abruptly Shuts Down E-Commerce Business. The e-commerce company Brandless is shutting down, it confirmed to Business Insider. Click to save on non-GMO & organic wellness, non-toxic cleaning supplies, high-quality beauty & household goods today. Pinterest. Brandless is reportedly the first startup to shut down after winning support from SoftBank’s Vision Fund, the Japanese investment giant that has also backed the likes of WeWork, Uber and food delivery service DoorDash. Brandless Shuts Down: A Victim Of Outsized Expectations. February 10, 2020. Shoppers are no longer able to place orders on the site. The first signs of difficulty for the company came in March, when Brandless laid off about 10 people and Sharkey stepped down as chief executive. The San Francisco-based company announced that it’s stopping operations on its website, where it sold generic discount consumer goods from snacks and vitamins to shave gel and body wash. Yahoo reports that less than … News reports today indicate that Brandless, the SoftBank Vision Fund-backed startup, will shut down permanently. 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