Image may be NSFW.
Clik here to view.
- SoftBank-backed Brandless, which sold private-label household essentials for $3 each, is shutting down.
- "Brandless set a new standard in the wellness and sustainable products industry, and while we weren't able to compete competitively in today's DTC market, I'm confident the next great brands of tomorrow will be built from this experience," Brandless CEO Evan Price said in a statement to Business Insider.
- Visit Business Insider's homepage for more stories.
The e-commerce company Brandless is shutting down, it confirmed to Business Insider.
The San Francisco-based company has stopped taking all new orders and plans to lay off 70 people, or about 90% of its staff, as it winds down operations.
The company's remaining 10 employees will work to fulfill its last customer orders and consider acquisition offers, according to Protocol, which first reported the news that Brandless would be shutting down.
"I'm proud of what we created at Brandless and the hard work and dedication of everyone on the team," Brandless CEO Evan Price said in a statement to Business Insider. "Brandless set a new standard in the wellness and sustainable products industry, and while we weren't able to compete competitively in today's DTC market, I'm confident the next great brands of tomorrow will be built from this experience."
Brandless launched in 2017 selling private-label household and personal care products at low prices. When it launched, almost everything on its site was $3.
In July 2018, Brandless announced that SoftBank Vision Fund — the Japanese conglomerate that has backed or bought Uber, Slack, WeWork, Wag, Zume, and more — had invested $240 million in the company at a valuation of more than $500 million.
In October, Brandless said it was looking to start selling its products in major retailers' physical stores, signaling a shift in its online-only business model.
SEE ALSO: Brandless executives reveal the e-commerce company's plan to become the CBD market leader
Join the conversation about this story »
NOW WATCH: Camel milk can cost $30 a litre. Why is it so expensive?
