Vera Bradley has sold its 16-month-old retail format GoodMrkt to the startup’s co-founder and chief brand officer Harry Cunningham, according to a report from Women’s Wear Daily (WWD).
Cunningham, who previously served as vice president of retail brand experience at Vera Bradley, is also a managing partner of GoodMrkt Holdings LLC, which the transaction reportedly occurred. He joined the luggage and tote manufacturer in 2014 as head of store development after spending 25 years in store design and visual merchandising at Saks Fifth Avenue, Liz Claiborne and Dillard’s.
The sale of GoodMrkt coincides with Vera Bradley’s board of directors’ decision to focus on the growth of its two core brands, Vera Bradley and Pura Vida,according to a statement to WWD from Rob Wallstrom, the outgoing president and CEO of the firm.
GoodMrkt, which was created for socially and cause-driven brands, operates one retail store in Fort Wayne, Indiana, as well as an e-commerce site, agoodmrkt.com. Vera Bradley’s chief revenue officer Mary Beth Trypus is the other co-founder of GoodMrkt.
Roughly 60 brands are offered at GoodMrkt, which also has a cafe, including Able, Bel Kai, Farmhouse Fresh, MudLove, Musee, New Hope Girls, Ranger Station, Sackcloth & Ashes, Two Blind Brothers, Utopian Coffee, Village Thrive, Whole Harmony and Zestt.