Arielle Charnas, a fashion influencer with more than one million Instagram followers, launched her clothing brand Something Navy in 2020 with about $10 million from investors. Now, after unraveling under mounting debt, the company is being sold in a fire sale that underscores the pitfalls of brands centered around online stars, the Wall Street Journal reported. A group of investors across apparel and real estate have agreed to buy the company in an asset and liability purchase, one of the buyers, IHL Group chief executive Sami Souid, said in an interview Tuesday. The investors plan to relaunch the Something Navy brand with Charnas as its creative director. Souid expressed confidence in Something Navy and Charnas. “We believe there’s a lot of opportunity here,” he said. “She’s built a beautiful brand, a beautiful product and she just needs the right manufacturing partner behind her.” Something Navy is offloading $7.5 million in liabilities and $483,000 worth of outstanding bills, according to a term sheet for the acquisition. The term sheet listed the consideration of the purchase at $1.
