American bag company Vera Bradley has reportedly sold its 16-month-old subsidiary GoodMrkt to its co-founder and chief brand officer Harry Cunningham.
According to WWD, the decision to sell comes as part of Vera Bradley’s board of director’s decision to focus on the growth of its two core brands, as noted in a statement to the publication from Rob Wallstrom, the outgoing president and CEO of the firm.
Wallstrom’s successor is expected to be named in the beginning of 2023, with the CEO preparing to retire after his eight year stint at the company.
Cunningham, who is also the former vice president of retail brand experience at Vera Bradley, has described GoodMrkt as a “community of purpose-driven brands” that aim to create change globally.
Speaking to the media outlet, Cunningham, who declined to reveal how much he paid for GoodMrkt, said: “We’re excited about the possibility of bringing the concept to other cities around the country over time. And, we are always on the lookout to add new vendor partners to the mix.”
GoodMrkt operates one retail store in the US, as well as an e-commerce site, and offers around 60 brands through its platform.
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