Something Navy was worth $100M one year in — the rescue offer of $1 got pulled

Something Navy began as Arielle Charnas' fashion blog in 2009, became a Nordstrom exclusive — its first collection did $4.4M in one day in 2017 — and launched as a standalone brand in July 2020, clearing over $1M in sales in its first 30 minutes. Investors including Silas Chou and Jenny Fleiss put in $17.5M. Year one brought $32M of revenue and a $100M valuation in 2021.

The collapse ran faster than the rise. By 2022 the company was behind on payments to suppliers, freelancers and models — one Indian supplier was owed $364K — and nearly half the staff had left. Production stopped, two stores closed, the website went dark for a 'refresh,' and CEO Matt Scanlan departed in June 2023.

The rescue came and then vanished. In December 2023 apparel group IHL agreed to buy the brand for $1 and assume $7.5M of debt, keeping Charnas on as designer and ambassador with a 14.5% stake. On January 17, 2024 IHL pulled out, citing 'backtracking and flip-flopping' in negotiations; reports said the family had been shopping for better terms elsewhere. Vendors stayed unpaid; the site still says 'be right back.'