Menswear company JackThreads will leave the Thrillist fold, the company announced Wednesday. Thrillist CEO Ben Lerer will continue as CEO of the media company.
Mark Walker, who has been commerce chief since December, will be CEO of JackThreads.
Each company is also garnering a total of $54 million in new investments: German publisher Axel Springer is buying a minority stake in Thrillist, and Oak Investment Partners, which has been a Thrillist investor, is leading a new round in JackThreads.
The company, or companies, didn’t detail how the combined $54 million in new investments is being allocated; some of it is going to an investor who wants a return and an exit.
But they each appear to be doing well. The 10-year-old media company Thrillist has brought its litany of headlines of what “sucks” into 35 cities, and presumably it will continue that expansion. Founder Lerer also said the company will work on video programming and other content.
JackThreads, meanwhile, may have more work to do. The site has had mixed reviews for quality and price, but abandoned its flash-sales, members-only approach and is selling higher quality brands like the North Face.
“We’re ahead of our time, or at least for people who write big checks,” Lerer told Re/Code. “Where I was hopeful it would be a situation where one plus one would equal three, investors were just looking at what the two were worth separately and adding them up.”