Underwear brand Parade, once valued at $200 million, sold to a lingerie manufacturer for "peanuts."
AdvertisementIn August, the Gen Z favorite underwear startup Parade sold to lingerie manufacturer Ariela & Associates International for what one former employee described as "peanuts."
Some former staffers said the way founder and ex-CEO Cami Téllez ran Parade contributed to its downfall.
Staffers told Business Insider that some of leadership's tactics were particularly harsh, such as announcing employee firings to the entire staff on Slack.
In its first year Parade exploded, reaching nearly 100,000 customers and making nearly $9 million in sales, Téllez said.
Persons:
Cami, —, Cami Téllez, Slack, Kerry Steib, we've, Steib, Téllez, I'm, she'd
Organizations:
Service, Ariela, Associates International, AAI