Retail

Struggling Nasty Gal Looking For Nice Buyer

Fashion-forward startup and inventor of the meme #GirlBoss, Nasty Gal, is looking for a buyer, according to multiple sources speaking anonymously to Women’s Wear Daily. The same source is reporting that, at present, Revolve is the leading contender to snap up Nasty Gal, though neither firm has any official comment at this time.

Nasty Gal was founded in 2006 by Sophia Amoruso, who has since become something of a cultural icon (she literally wrote the book on being a girl boss), and second-in-command Sheree Waterson has been officially manning the helm for the last two years. In February of last year, Nasty Gal snapped up $16 million in Series C funding in a round led by one-time Apple retail sage Ron Johnson.

But since those brighter times, the firm has been beset with accusations that it cheated employees of benefits, like maternity leave, and lackluster responses to the clothes it is sending to market. This year has also seen “strategic restructuring” that has equated to 10 percent staff cuts as it tries to keep up with fast-fashion players with lots of scale and the ability to react to changing trends in fashion in real time — usually at a low cost for shoppers.

2016 opened with Nasty Gal exploring physical expansion beyond California, where it currently operates two technologically sophisticated stores. But the expansion turned out, as it usually does, to be an expensive add-on, and now, Nasty Gal’s brick-and-mortar future may likely be decided by its next owner.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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