Something Navy's CEO is out as Arielle Charnas' company stops producing clothing, closes stores, and explores a sale
Something Navy, the beleaguered apparel company founded by the fashion influencer Arielle Charnas, is struggling to survive. Its CEO is leaving the company, most employees have either quit or been laid off, and production of new clothing is on hold, several people told Insider.Insider investigation published in December
Meanwhile, a credit report from the business-analytics company Dun & Bradstreet this week described"significant stability and payment behavior concerns" for Something Navy over the next year and gave the company a maximum credit recommendation of $2,500, down from $9,000 in December. "I know a lot of you have been asking about what is happening at the moment with @somethingnavy and rightfully so!" Charnas wrote."The brand has been in the process of bringing in a whole new management team to run the company. A lot of changes had to be made so that it can be the best brand that it can be. This mini hiatus is part of that."
But for the past several months, Charnas hasn't been on speaking terms with the CEO, said the recently departed Something Navy employee who worked closely with the C-suite. Two people close to the company said last year that Charnas was devastated when she found out about the company's struggles in the spring of 2022."If she would've known what was really going on, I think she would've done things differently," the recently departed employee close to the C-suite said.
But it couldn't keep up the momentum. From 2021 to 2022, the company's gross sales dropped by 22%. A former employee of Leap, the retail startup Something Navy partnered with to finance its stores, said Something Navy recently closed its Upper East Side and Los Angeles stores because sales were"dropping month over month." Sales reports Insider viewed last year showed that Something Navy's most popular styles were selling only a handful of units in its stores weekly.
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