Brandless is calling it quits.
The online retailer, which sold no-name household essentials for US$3 or less, is shutting down business operations. Launched in July 2017, Brandless quickly gained a fast following for its curated assortment of “no-brand” everyday essentials--from organic, non-GMO food and clean beauty and personal care products to non-toxic cleaners and home goods. Last year, it expanded into two new categories--pet supplies and baby items.
"After more than two amazing years of bringing customers across the country better for you and better for the planet products, Brandless is halting operations,” the company stated at brandless.com. “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."
In July 2018, Brandless announced that SoftBank Vision Fund had invested $240 million in the company, at a valuation of more than $500 million.
"When we founded Brandless, we set out to break molds, and take a fresh approach to the way people buy products by focusing on quality, access and affordability for everyone," Brandless co-founder and chairman Ido Leffler said in a statement announcing the 2018 investment. "Our new partnership with SoftBank is an incredible validation of our mission and will allow us to build our community beyond our wildest dreams."
This article appeared at ChainStoreAge.com.