E-Commerce Startup OpenStore Cuts Valuation by 95%, Taps New CEO
OpenStore, an e-commerce startup, has significantly reduced its valuation from nearly $1 billion to just $50 million in a new funding round. This drastic move comes as the company plans to shift its focus towards building up its menswear brand, Jack Archer. The decision to slash the valuation by 95% reflects the challenges faced by the startup in the current economic climate. The funding round will also see the company tapping a new CEO to lead the company through this transition period. The article suggests that OpenStore is adapting its strategy to better align with market conditions, prioritizing the growth of its Jack Archer brand over its broader e-commerce operations. This strategic shift is likely aimed at streamlining the company's focus and improving its financial viability in the face of a challenging economic environment.
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