Something Navy Is Reportedly Being Sold for $1
Photo: Ben Gabbe/Getty Images for Nordstrom
After a series of business difficulties — including the departure of its CEO — Something Navy is reportedly being sold to IHL Group for just $1, according to WWD.
Influencer Arielle Charnas founded Something Navy as a blog in 2009; she collaborated with Nordstrom to create a brand of the same name in 2017 and eventually spun it off on its own in 2020 with the help of Naadam's Matt Scanlan. Scanlan left his role as CEO over the summer, as Something Navy closed its stores and halted production. The brand had been embroiled in rumors of turmoil for months already.
In this deal, which has yet to be signed, IHL Group — which counts Jason Wu, Aeropostale, Tahari, BCBGmaxazria and BCBG Generation among its portfolio — and boutique developer Amirian Group would pay $1 for the business and assume $7.5 million in liabilities.
As for the future of the brand, which has been on pause for almost a year, it seems the intention is to bring it back: While she'd relinquish full control of the business and creative operations, Charnas is looking to stay at Something Navy as an ambassador, per WWD. She and the brand's original investors would also each retain a 14.5 percent stake in it.
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