Brandless, the SoftBank-backed e-commerce company selling an assortment of “cruelty-free” products in beauty and personal care, has closed its doors.
The company was in operation for less than 3 years after suffering from fierce competition in the market.
In a statement in 2018, Brandless announced that it had raised $240 million at a valuation above $500 million from SoftBank disbursed in instalments.
However to date, SoftBank had only invested $100 million as Brandless failed to reach it's profitability targets.
The company eventually laid off 90% of their staff and subsequently closed down, paying severance packages to the remaining employees.