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Puck welcomes John Heilemann as its Chief Political Columnist!

The Naadam Guy, the Death of Entireworld & LVMH Dreams

Nadaam co-founders Matt Scanlan and Diederik Rijsemus.
Nadaam co-founders Matt Scanlan and Diederik Rijsemus. Photo: Naadam
Lauren Sherman
June 1, 2023

There are endless threads to pull on this Naadam-D.T.C. roll-up-gone-wrong story with Matt Scanlan, who, as I recently reported, is in hot water with several of his business partners. Here’s yet another twist, featuring the biggest so-called success story of the pandemic. 

Scanlan, a serial fashion entrepreneur, is best known for launching Naadam about a decade ago with his Dickinson College friend Diederik Rijsemus. Their mission was to sell cashmere to the masses, directly to the consumer at a fraction of the price of competitors. As the legend goes, Scanlan traveled to the Gobi Desert in 2015, with two plastic bags filled with $2 million in cash to pay suppliers. Of course, it was a perfect story for Scanlan, and perfect timing for Naadam to raise money off the success of first-gen D.T.C. labels, like Warby Parker, Everlane, and Glossier. In 2018, Scanlan announced a $16 million Series A, with investors including Torch Capital (a fund backed by billionaire Silas Chou, of Tommy Hilfiger and Michael Kors fame), Vanterra Capital, and U-Start, a club for private investors.