Something Navy has been in rocky retail waters this year.
The apparel brand launched by fashion influencer Arielle Charnas in 2020 has faced faltering sales, hordes of employees have left the company, and the brand has fallen behind on payments to suppliers.
In June, Insider reported Something Navy's CEO Matt Scanlan will be departing his role, leaving behind a company that has dwindled dramatically in size, closed two stores, delayed customers' orders, and halted production on their new clothing lines for the year.
Currently, no merchandise is being sold through Something Navy's website, where a note says: "The Something Navy site is getting a little refresh. Check back to shop your favorite styles soon!"
Something Navy, which is a private company, was valued at $100 million a year after the brand launched, the company told Insider in 2021.
At its start, the brand raised $17.5 million in funding from investors, including from venture firms Third Kind Venture Capital and Silas Capital, the shaving brand Harry's, and BoxGroup, as well as from Hong Kong billionaire Silas Chou and the Rent the Runway cofounder Jenny Fleiss.
As for the latest development with Charnas: The US Securities and Exchange Commission is investigating whether Charnas' husband, Brandon Charnas, was involved in "possible insider trading violations," according to a press release. Brandon Charnas, who the SEC said has not cooperated with the investigation, traded stock weeks ahead of Staples announcing an offer to acquire Office Depot — resulting in at least $385,000 in profits, according to the press release.
Here's a timeline of the rapid rise and fall of Something Navy.