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Walmart Names New Jetblack CEO

Photo Credit: Walmart via Flickr cc

Jetblack, Walmart’s personal shopping service, is losing a great deal of money – between $10,000 and $15,000 per member. Still, it has done well attracting affluent shoppers, and Walmart has received outside interest in the business.

Jenny Fleiss, co-founder of Rent the Runway, is being replaced as Jetblack’s CEO by Nate Faust, a Walmart senior vice president of supply chain and logistics, possibly in preparation for a sale or spinoff of Jetblack.

Jetblack’s upper income clientele represent a departure from Walmart’s core business, which has a scant physical presence in the dense urban areas that Jetblack was designed for.

Read the full story at Retail Dive.