The apparel conglomerate that was set to purchase Arielle Charnas’ struggling clothing line, Something Navy, for a measly $1 has pulled the plug on the deal, Pvnew has exclusively learned.
Pvnew obtained IHL Group’s snarky email sent via their attorney Joseph Abadi on Tuesday that accused the Something Navy team of poor business tactics.
“In light of the backtracking and flip-flopping that we have encountered over the course of this deal, we have decided to not proceed with Something Navy,” the email states.
IHL Group had previously expressed in a memorandum on Dec. 19, 2023, that they were interested in “buying and investing” into Something Navy.
The sale, which would have seen the buyer take over $7.5 million of the company’s debt, was covered by multiple outlets at the time.
However, since then, it’s been rumored online that Charnas, 36, was trying to shop around for a better deal elsewhere before the final contract with IHL Group was officially signed.
According to screenshots from a recent Reddit post, one person claimed, “A friend of mine works for a company in LA called Kellwood.
“Told me AC [Charnas] is here in LA meeting with her company to sign a partnership agreement or sell something navy … Wasn’t the business already sold? Is AC just looking for a better deal herself?”
Another person, seemingly with information on the matter, then chimed in, “Her dad was with them. I thought they were after a new brand launch. Given her father’s background in fashion it makes sense.”
An LA-based source confirms to Pvnew the Charnas family was shopping for a better deal for themselves in the West Coast.
Pvnew reached out to Charnas’ rep for comment on both IHL Group’s decision and the “backtracking allegations” but did not immediately hear back.
Abadi concluded in his message to the Something Navy team, “We thank you for all your efforts thus far and wish you all the best of luck.”
We’re told the fallout of the business deal will affect numerous vendors, who will continue to not get paid, as the brand remains stagnate.
Over the past year, Something Navy shuttered two stores, decreased significantly in company size and halted production of all new sales.
Their website currently states, “BE RIGHT BACK. The Something Navy site is getting a little refresh. Check back to shop your favorite styles soon!”
Pvnew reached out to IHL Group’s reps for comment but did not immediately hear back.
Charnas launched Something Navy in July 2020 amid the pandemic, but her own personal brand was on decline even then.
In April 2020, Charnas was dubbed a “covidiot” for fleeing to the Hamptons after obtaining a COVID-19 test through a “fancy doctor” while regular New Yorkers struggled to get screened.
The influencer, who boasts 1.3 million Instagram followers, tearfully apologized at the time, “My family and I are truly sorry to those we have offended for not appearing to [take] this crisis gravely seriously.”
It was then revealed that she snagged a $350,000 loan via the pandemic’s Paycheck Protection Program despite having a net worth of about $2.5 million at the time.
Her husband, Brandon Charnas, has also been in hot water. He was accused of embezzling funds from the clothing company, which he and his spouse denied while also warding off divorce rumors.
