Something Navy Sold for Just $1

Something Navy, the apparel brand founded by fashion influencer Arielle Charnas, is set to change ownership in a deal with IHL and the Amirian Group. This move comes after a period of significant challenges for the brand, including declining sales, staff departures, and issues with production and supply chain management.

Transaction Snapshot

  • Deal Value: $1, with an assumption of $7.5 million in liabilities.
  • Deal Type: Acquisition.
  • Buyers: IHL and Amirian Group
  • Founders: Arielle Charnas.

Since its launch in 2020, Something Navy encountered numerous setbacks. The company, which was once valued at $100 million a year after its inception, saw a drastic downturn in its operations. CEO Matt Scanlan departed in June, following a significant reduction in the company's size, the closure of two stores, delays in customer orders, and a halt in the production of new clothing lines.

The brand's website currently displays a message indicating an upcoming refresh, with no merchandise available for sale. This pause in operations reflects the difficulties Something Navy has faced in maintaining its business momentum.

Adding to the brand's challenges, Arielle Charnas' husband, Brandon Charnas, is under investigation by the US Securities and Exchange Commission for possible insider trading violations. The probe is examining his stock trades made shortly before a significant corporate acquisition announcement, which reportedly resulted in substantial profits.

This acquisition by IHL and the Amirian Group marks a significant shift in the trajectory of Something Navy, reflecting the volatile nature of the retail and fashion industry, especially for brands heavily influenced by social media trends and personalities.

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