We've received your submission. News reports today indicate that Brandless, the SoftBank Vision Fund-backed startup, will shut down permanently. 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. In July of 2018, Brandless announced The startup was funded by SoftBank Group Corp.’s (Tokyo) $100 billion “Vision Fund,” initially receiving $240 million. And DoorDash has faced scrutiny over its practice of effectively pocketing tips meant for delivery workers, which it changed last year. Brandless (San Francisco) announced it will lay off 70 people as it shuts down operations after only three years of business. Neil Stern. Most items were priced at $3. … DTC Darling, Brandless, is Shutting Down: This is Why Strategy Matters. Brandless has shut its doors less than three years after launching and a $240 million investment from SoftBank that valued it at $500 million. 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. Brandless, the retail startup that shared an investor with Uber and WeWork, is shutting down after less than three years in business. SoftBank-backed Brandless has reportedly shut down operations, according to an article by Protocol’s Biz Carson. Get it now on Libro.fm using the button below. 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All Rights Reserved, SoftBank launches $525 million SPAC to invest in robot 'revolution', Hyundai to take over robot-maker Boston Dynamics, WeWork killed Adam Neumann's $185M consulting gig, exec says, We Company reportedly changing its name back to WeWork, pocketing tips meant for delivery workers, Greenwich Village hot spot Le Figaro Café plots comeback, New York eateries struggle with outdoor dining COVID-19 anxieties, Best Valentine's Day gift baskets 2021: 23 ideas for all your Valentines, 10 at-home fitness apps on sale right now, Diane von Furstenberg takes up to 30 percent off wrap dresses, outerwear and more, Best board games for adults 2021: 32 fun games to liven up any party, Buy two floor plants for $200 during Plants.com limited-time sale, Playing outside is ‘snow’ problem for paraplegic pups. 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. "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. Creed Politico - February 10, 2020. 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. 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. 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. 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. Shoppers are no longer able to place orders on the site. “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. The Vision Fund led a $240 million round of funding for Brandless that was announced in July 2018, a year after the company launched. Brandless, once a direct-to-consumer darling brand selling grocery and other essential items, is shutting down. Your Ad Choices 644, © 2021 NYP Holdings, Inc. All Rights Reserved Click to save on non-GMO & organic wellness, non-toxic cleaning supplies, high-quality beauty & household goods today. 815, This story has been shared 644 times. Pinterest. While Brandless is the Vision Fund’s first investment to close, some of its other bets have hit bumps in the road. Brandless is back, sort of. 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. A leading-edge research firm focused on digital transformation. 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. By. Twitter. 0. Subscribe to the Crunchbase Daily. On 10 February 2020, Brandless and key investor SoftBank confirmed that Brandless was terminating its operations. Sign up for Insider Retail. The company was known early on for pricing items at $3 apiece, but it introduced more expensive offerings and a subscription service last year. Sorry, your blog cannot share posts by email. February 10, 2020. Brandless reimagined how we buy everyday goods. 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. Twitter . 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. "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. Do Not Sell My Personal Information, Your California Privacy Rights Account active Brandless is making a comeback four months after it shut down in February. Do Not Sell My Personal Information. Brandless has shut down (bloomberg.com) 59 points by TuringNYC 4 hours ago | hide | past | web | favorite | 35 comments: hbosch 2 hours ago. 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-backed Brandless, which sold private-label household essentials for $3 each, is shutting down. [ad_2] Source Business News. February 10, 2020. Thanks for contacting us. The company will be laying off 70 people, or nearly 90% of its staff, according to a company spokesperson. 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. When it launched, almost everything on its site was $3. 2,122, This story has been shared 815 times. 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. 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. 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. Twitter shut down US President Donald Trump's account Friday, booting him from the global service to prevent another attack on the Capitol building. Pinterest. Brandless, the pioneering Amazon alternative, shuts down Today, just two and a half years after it launched, the online store Brandless is shutting down. 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