BEACHMINT STILL OPEN: BeachMint is apparently still afloat. Although a report on Silicon Valley news Web site PandoDaily posted last week said Santa Monica, Calif.-based BeachMint had gone under with the ousting of its two founders and the demand that $20 million be returned to investors, BeachMint on Wednesday adamantly denied that the company is in trouble. “[Co-founder and president] Diego [Berdakin] and I remain 100 percent focused and are fully backed by the BeachMint board of directors, and there are no plans to make any changes to our leadership team,” said Josh Berman, chief executive officer and co-founder of BeachMint. He continued, “We are fortunate that our board of directors and our partners are closely aligned and as excited by our company’s ambitions and performance as we are. BeachMint overall has grown 40 percent year-over-year, in both sales and subscribers, and we continue to add top talent to our team.” Berdakin added, “I am more confident than ever that BeachMint will exceed all expectations andcontinue to deliver amazing product to our customers, and strong performance for our investors.” BeachMint’s structure incorporates six category-specific verticals, which it calls Mints, that are paired with celebrities and other tastemakers. Footwear-focused ShoeMint is associated with Rachel Bilson andstylist Nicole Chavez, and Mary-Kate and Ashley Olsen are BeachMint’s partners on the T-shirt-focused StyleMint, for instance. On Tuesday, while the company was in public relations overdrive to refute the report of its shuttering, BeachMint was also touting its latest lingerie with the brand Cosabella for its intimate apparel-focused IntiMint vertical that is affiliated with Brooke Burke-Charvet. BeachMint has raised more than $75 million in venture financing from investors, including Accel Partners, Goldman Sachs, New World Ventures, Millenium Technology Venture Partners, NEA, Trinity Ventures and Scale Ventures. Peter Sonsini, a member of BeachMint’s board and general partner at NEA, Beachmint’s largest shareholder, sought Tuesday to allay fears that investors are abandoning BeachMint. “BeachMint’s business performance, alongside the talented and experienced executive team at the helm, ensures we remain incredibly positive about the future of this company, and the role we know it will play in driving innovation within e-commerce,” he said.
July 3, 2013