Walmart is going full force with its newly announced investment arm. The new branch, Store No 8, has announced its first startup company and CEO. The company has tapped former e-commerce fashion exec Jenny Fleiss to lead code eight.
The newest member of Store No 8, TheStreet reported that code eight will work on developing personalized and one-to-one shopping experiences for consumers. CNBC confirmed the report, citing the new company as Walmart and Store No 8’s first portfolio company.
Jenny Fleiss, will serve as the Chief Executive of code eight. On her LinkedIn account, Fleiss also listed herself as Co-Founder of the company and gave this description for the new endeavor: “Making shopping magical via one-to-one personalization, AI, and machine learning. Code eight is the first portfolio company within Store No 8, an incubator backed by Walmart that is shaping the future of commerce. We are stealth mode, so you won't find much out there on us yet, but watch out world, here we come!”
Prior to this position, Fleiss served as the Head of Business Development at the online fashion rental company she co-founded, Rent the Runway. Chain Store Age reported that Fleiss’ new role under Walmart’s tutelage will draw from her relevant previous experience that contributed to Rent the Runway’s rapid growth trajectory.
Walmart first unveiled its Store No 8 venture during a conference in March. The branch will focus on new partnerships and investments as a stand-alone tech incubator. The company specifically focuses on e-commerce.
Which company will join Store No 8 next, and how will this impact Walmart’s future operations? Deli Market News will report.