For His Encore, Jet.com Co-Founder Nate Faust Aims to Make Delivery Sustainable
The startup, Olive, has already partnered with a number of household fashion names
Nate Faust is embarking on a new adventure with Olive.
Olive February 22, 2021
After selling Jet.com to Walmart for $3.3 billion in 2016, and then helping the retail giant build an online business that, at one point during the pandemic, was nearly doubling its sales versus the prior year, entrepreneur Nate Faust’s ambitions have not diminished.
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Randy Hofbauer, EnsembleIQ
In the wake of Wal-Mart Stores Inc. s move to acquire Jet.com for $3 billion in cash, along with $300 million of the Bentonville, Ark.-based retailer s shares, the burning question on many observers minds is how effectively the pricey deal will enhance the world s largest conventional retailer s position as a competitor of Seattle-based e-commerce leader Amazon.com?
The infusion of an experienced leadership team led by Jet.com s co-founder/CEO Marc Lore, and fellow co-founders Mike Hanrahan and Nate Faust is a foremost victory, notes Mike Elmgreen, CMO of New York-based Handshake, a B2B commerce platform provider. The talent being acquired and [Jet.com s] deep knowledge of e-commerce will be invaluable assets as Walmart attempts to grow its online business to better compete with Amazon,” Elmgreen affirms.
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Nate Faust has spent years in the e-commerce business he was a vice president at Quidsi (which ran Diapers.com and Soap.com), co-founder and COO at Jet (acquired by Walmart for $3.3 billion) and then a senior vice president at Walmart. Over time, he said it slowly dawned on him that it’s “crazy” that 25 […]