Express
The New York Stock Exchange is delisting Express.
It’s news that is, most likely, met with a collective shrug. The demise of another mall brand isn’t all that interesting, we suppose.
But it is also the demise of an original DTC brand. Express, if you remember, is the latest legacy retailer to own Bonobos, which it acquired for $75M last year (a deal that slashed its valuation by 75% from when Walmart bought it in 2017).
Express’ market cap, as of this morning, is $6M. Meaning Bonobos’ value (at least as part of Express) is down another 90%.
Ecommerce really is a bear.
What’s incredible about Bonobos’ demise is that its incubated brand—AYR—seems to be becoming the new Bonobos. A phoenix of sorts.
It has been anything but fast growth, though. AYR launched in 2014, added menswear only about a year ago, and seems to be deliberate and methodical.
Perhaps that will be the lasting legacy of it all.