Express Checkout #36

Commerce and CPG news from the week of 7/31/2023

Author

Nate Rosen
August 07, 2023

Hello hello!

🎉 2,500 subscribers 🎉 

As I continue to grow Express Checkout I want to better understand my audience. Kindly take a moment to share your thoughts and preferences through this Google Form (I promise it’s short), so I can continue delivering tailored and (hopefully) impactful content that resonates with you! Your valuable insights and perspective help shape what I do!! 🙌 

Now before I get into it. I want to address an article that Grub Street put out titled ”A Big Fat Blob of Boring Can we cool it with all the burrata balls?”… sorry, y’all are wrong. Burrata is amazing! Just look at this hat I have, how could it be a boring food if someone made a hat for it…

shout out Mister Parmesan (and Amrit from Indie CPG for getting me this hat)

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🔥 Big News - 10 items or less 🔥

  • SharkNinja IPO - Home appliance company SharkNinja recently debuted on the New York Stock Exchange after being spun off from Hong Kong’s JS Global Lifestyle. On the first day of trading, the stock price rose 40%, but shares tumbled below their listing price in the following days. SharkNinja has established itself in the US, but its finances remain closely tied to China, with over $3.3 billion paid out to JS Global subsidiaries to obtain merchandise and goods made in China. (source)

  • Incoming comfy IPO - Birkenstock, the globally known footwear brand, is reportedly preparing to go public next month with an IPO expected in September 2023. The company could attain a valuation surpassing $6 billion if it proceeds with the IPO. (source)

  • Did Amazon figure out grocery? - Amazon has redesigned 2 of its Illinois grocery stores. The stores now offer 1,500+ new national and private label products, a dedicated department for entertaining, grab-and-go meals, and a Krispy Kreme Doughnut shop. Amazon Fresh has also lowered prices on thousands of items and offers Prime members exclusive deals in-store. (source)

  • RISE vs Rise - PepsiCo has successfully defended itself against a trademark lawsuit from Rise Brewing, claiming that Pepsi's "Mtn Dew Rise" energy drink name was too similar to its brand. A Manhattan federal court dismissed the lawsuit, ruling that Rise could not prove that Pepsi's product was likely to confuse consumers. (source)

  • Miyoko’s Creamery on the mend - Miyoko's Creamery has appointed ex-Coca-Cola executive Stuart Kronauge as CEO following the departure of interim president Jon Blair. Kronauge joins at a difficult time, Miyoko’s has let go of staff in recent months and faced legal disputes with its founder Miyoko Schinner. (source)

  • Notable people in Food & Bev - NOSH is a media outlet that covers the world of entrepreneurial packaged food companies and services that are expanding rapidly due to interest in natural, organic, sustainable, and healthy products and businesses. They just launched NOSH Notables 2023, a list of 50 influential people in the food business, including investors, connectors, gatekeepers, quarterbacks, spark plugs, and superheroes. (source)

    • The list includes experts, leaders, rising stars, brilliant changemakers, and some of my friends - congrats Kiva, Kendall, Miguel, Ryan, and everyone else!!

🗞️ News from the week (7/31/23 - 8/6/23)

🛍 Retail

  • L.L.Bean is getting busy. They plan to open four new stores in Massachusetts and Quebec, add Dillard's and Moosejaw to its U.S. wholesale accounts, and expand to 10 independent specialty retailers in the southeastern U.S. (source)

  • CVS is laying off 5,000 employees, mostly in corporate positions, as part of ongoing cost-cutting measures due to integration costs from recent multi-billion dollar deals. The healthcare giant also minimizes the use of consultants and vendors and stops select business initiatives. (source)

  • Wegmans Food Market will open its first location in Manhattan on October 18th, featuring a two-level, 87,500-sq.-ft. store with an onsite dining room, Sushi Bar, and Champagne-Oyster Bar. The store will be located in lower Manhattan, at Astor Place (770 Broadway). Who’s coming with me to the opening??? (source)

  • Mango, the Barcelona-based fast fashion chain, has opened its first store in Texas and plans to operate 40 stores in the United States by 2024. (source)

  • Refuel, a convenience retailer, has announced its plans to expand the deployment of Mashgin's touchless self-checkout kiosks. The plan is to add 10 more locations. Mashgin's platform uses computer vision to recognize items placed on a tray and automatically ring them up. 2,700 stores are already using the platform, including Circle K's and Delek US Holdings. (source)

  • Wawa has opened a fully digital, shelfless convenience store on Drexel University’s campus in Philadelphia. Customers can only purchase items through Wawa’s mobile app or in-store touch screens, and staff members pull together each order. (source)

    • C-stores have been heavily focusing on implementing emerging tech in their stores lately. Every week I see another c-store adding something to really emphasizing the convenience in convenience store.

  • Food Lion has completed a $77 million renovation of 47 stores in North Carolina, including updates to product assortment, meal solutions, e-commerce, and self-checkout lanes. The renovation also includes energy-efficient LED lighting and refrigerated cases with doors. (source)

🛒 CPG & Consumer

  • Ghia has introduced a new flavor, Sumac & Chili Spritz, to their line of RTD non-alc cans, which combines Ghia's Aperitif spritz with sparkling water, sumac, and chili, resulting in a savory and spicy beverage. (source)

  • Gap and LoveShackFancy have collaborated to create a limited capsule collection featuring 76 items across women's, men's, kids', and baby apparel and accessories. (source).

  • The Cavinder Twins have joined Seoul Juice as Head of Partnerships and are launching the Female NIL Fund. As top earners in the NIL space while playing basketball at the University of Miami, the twins will be working directly with Luis to extend partnership opportunities to other NIL athletes. (source)

    • NIL stands for Name, Image, Likeness. It refers to the ability of collegiate athletes in the United States to profit from their own name, image, and likeness, which was previously prohibited by the National Collegiate Athletic Association (NCAA).

  • Blue Moon Brewing Co. is set to launch a non-alcoholic version of its most popular beer the Belgian-style Wheat Brew in time for Dry January. The non-alcoholic segment has grown over 27% in the last year. (source)

  • Target is now selling products from Ghetto Gastro, a culinary collective that aims to tell stories through food. The products include a Spicy Maple syrup, as well as pancake and waffle mixes, and toaster pastries. Ghetto Gastro, which started as a series of dinner parties in the Bronx, has grown into a collective that hosts events for major companies and aims to inspire and uplift historically underestimated groups. (source)

  • Chunk Foods, an Israeli food-tech startup backed by Robert Downey Jr., has launched a vegan steak at Charley's Steak House in Florida. This marks the first time a plant-based steak has been added to the menu of a traditional steakhouse chain in the US. (source)

  • Plant-based chicken startup Nowadays has ceased operations citing an inability to raise venture funds, but the founders are in active conversations about selling IP and other assets. (source)

  • Gluten Free Easy, a woman-owned company specializing in frozen, gluten-free dough products, is launching its products for retail sale after years of selling DTC. (source)

  • In a stroke of genius, Partake Foods has partnered with DoubleTree by Hilton to offer an allergen-free chocolate chip cookie at Hilton hotels in the US. The individually wrapped cookies are non-GMO, vegan, gluten-free, and free from the top nine allergens. (source)

  • Kraft Heinz is partnering with Fresh Del Monte to offer a new variation of its popular packaged meal, Lunchables, that includes fresh cut fruits. (source)

  • Tindle Foods, formerly Next Gen Foods, is expanding into new food categories, including plant-based meat and dairy products as well as sausages, and updating its brand identity. (source)

  • Burberry has launched its first refillable fragrance, Burberry Goddess Eau de Parfum, featuring a unique gourmand aromatic scent led by a trio of distinct vanillas. (source)

  • Urban Outfitters and Drexel University have launched the Urbn x Drexel: Made to Measure Apprenticeship program, which offers a two-year curriculum blending fashion design courses at Drexel with on-the-job training at Urbn. The inaugural class of six students will have their tuition and room and board covered by Urbn via a grant to the university. (source)

💻️ eCommerce 

  • ASOS Media Group has teamed up with Rokt, an e-commerce technology company, to improve its online shopping experience across 15 territories. With the use of machine learning and AI technology, ASOS aims to create personalized customer experiences and increase engagement with its users. (source)

  • Instacart has enhanced its enterprise e-commerce solutions, Storefront and Storefront Pro, to enable retailers to create custom landing pages and build shoppable campaigns. The features allow retailers to add dynamic content to their homepages, reward loyalty members, and build campaigns for customer retention. Retailers such as Gelson's Markets and Stew Leonard's are already using these features to offer engaging e-commerce experiences for their customers. (source)

  • Settle has launched a new Purchasing suite of features aimed at helping founders create POs, match POs, receipts, and bills, and more. The suite is designed to streamline the purchasing process for high-growth consumer brands. (source)

🏭 Supply Chain

  • Ahold Delhaize USA continues to build out its self-distribution network, with the conversion of a former C&S Wholesale Grocers facility in Chester, New York to a self-managed network. The facility will route an estimated 65 million cases of product each year for Hannaford and Stop & Shop stores and will employ close to 500 people. (source)

  • UNFI has launched a platform developed with Crisp that provides suppliers with comprehensive sales, inventory, and deduction data called UNFI Insights. (source)

  • Kraft Heinz has announced a new goal to reduce the use of virgin plastic in its global packaging portfolio by 20% by 2030, which is estimated to reduce the use of approximately 100 million pounds of virgin plastic. (source)

  • U.S. Representative James P. McGovern has introduced the Peas, Legumes, and Nuts Today Act (PLANT Act) to support American farmers and rural communities through plant-based food production. The bill aims to create new opportunities for farmers and food companies, create new jobs in farming communities, advance USDA’s efforts to connect American farmers to new markets at home and abroad, and expand consumer choices at the grocery store, through plant-based food research and production. (source)

💸 Funding, Exits, M&A, and VC

  • Personal care brand Evolvetogether has raised a seed funding round led by True Beauty Ventures. The funds will be used to scale the business, including talent and marketing. The brand, launched during the pandemic, began with a line of medical-grade face masks and has expanded into a range of gender-neutral personal care products packaged in sustainable packaging. The terms of the investment were not disclosed, but sources say the business is on track to hit $10 million in sales. (source)

  • Konscious Foods, a plant-based seafood brand based in Vancouver, has raised $26 million in seed funding from investors including Protein Industries Canada, Zynik Capital, and Walter Group. We’re so back baby!! (source)

  • Coffee-Tech startup ansā Roasting has secured $9 million in funding from Jibe Ventures, Closed Loop Ventures, New Climate Ventures, Millennium Food-tech, and Sweetwood. (source)

  • LIVEKINDLY Collective has acquired Alpha Foods, expanding its plant-based portfolio. Alpha Foods has raised around $60 million to date and has nationwide retail distribution in the US and Canada. (source)

  • DDC Enterprise Limited, a Hong Kong-based food brand, has acquired San Francisco-based Nona Lim, a maker of better-for-you Asian noodles, broths, and stir-fry kits. (source)

  • Kao Corporation, a manufacturer and marketer of beauty brands, has agreed to acquire Bondi Sands, an Australian sun product company that specializes in self-tanning, suncare, skincare, and body products. (source)

  • Skylight, a San Francisco-based digital photo frame and smart calendar brand, has raised $15 million in debt financing through its partnership with SG Credit Partners. (source)

  • SnoFox, a business intelligence tool for the cold supply chain, raised $4.5 million in Seed funding, bringing total funding to $5.7M. The tool uses existing refrigeration data, proprietary algorithms, and remote technology to improve cold storage warehouse efficiency and reduce energy usage. (source)

  • Nikola Corporation has raised an additional $16.3 million in grants and government funding awards to support seven open-network hydrogen refueling stations, bringing their total funding to $58.2 million for the stations. The company plans to develop up to 50 HYLA stations throughout North America over the next five years in partnership with Voltera. (source)

  • LG Electronics and Clearbrook have formed a strategic alliance to launch the NOVA Prime Fund, a venture capital fund with a target of over $100m. The fund will invest in mission-driven companies focused on sustainable energy, digital health, immersive AI, and industries of the future. (source)

  • Ole Smoky Distillery has announced a merger with Tanteo Spirits, marking the Tennessee-based distillery’s entry into the fast-growing tequila market. (source)

  • Cedar Brands, a company focused on acquiring and scaling consumer brands that can connect with their customers, has acquired Nuzzie, a weighted blanket brand, for an undisclosed amount. (source)

  • Marussia Beverages, the owner of Mamont Vodka, has acquired Ohio-based Watershed Distillery for an undisclosed amount. (source)

🧐 Interesting reads

💡 Data, reports, and trends

😋 Brands and things I’ve tried this week

This week I got a fun and colorful care package from the team at United Sodas of America! They taste great and just look at how vibrant these are!!

Thanks for reading! If you have any suggestions, feedback, or stories or posts I missed, let me know!

Nate :)

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