Express Checkout #37

Commerce and CPG news from the week of 8/7/2023

Author

Nate Rosen
August 14, 2023

Hello hello!

Thank you all who came to my happy hour last week and co-hosted with Consumer Rundown! I plan to host many more so stay tuned!

This week I’m pleased to say that I’m attending and presenting at the 1st annual Snackies hosted by Snaxshot on August 17th! If you’re going let me know! I would love to say hi 👋

🚨 Thank you to those who already filled out my audience insights survey!

Filling out the audience insights form helps me better understand my readers and their interests. This, in turn, allows me to tailor the content I create to better suit your preferences and needs.

So if you haven't filled it out yet, please take a moment to do so! 👇️👇️👇️

A friend of mine has started a company called Revive Capital that looks super cool. Life is tough out there for a lot of founders & management teams. Financing is tough to come by, selling & marketing is becoming more expensive, and margins are getting squeezed. Revive is a new platform designed to connect founders & managers with DIP (Debtor-in-possession) lenders to be able to finance a turnaround. Sign up at the link for more info!

Now, on to the news of the week!!

🔥 Big News - 10 items or less 🔥

  • Big sauce deal - Campbell Soup Company has announced its acquisition of Sovos Brands for $2.7 billion, aiming to diversify and enhance its Meals & Beverages division. The acquisition includes a market-leading portfolio of brands, such as Rao's and noosa yogurt. (source)

    • The twitter account CPGDaily put together a nice breakdown here

  • Cannabis company buys craft beer - Tilray Brands has entered into an agreement to acquire eight beer and beverage brands from Anheuser-Busch, including Shock Top, Breckenridge Brewery, and Blue Point Brewing Company. The acquisition is expected to position Tilray as the US's fifth largest craft beer brewer. The transaction is expected to close in 2023 and will be an all-cash deal.

    • The funniest thing about this to me is that Shock Top is apparently considered craft beer…

  • A major fashion acquisition - Tapestry, Inc. has announced an agreement to acquire Capri Holdings Limited in a deal worth nearly $8.5 billion, creating a global house of iconic luxury and fashion brands. The acquisition will unite Coach, Kate Spade New York, and Stuart Weitzman, with brands like Versace, Jimmy Choo, and Michael Kors. (source)

  • Amazon trims the fat - Amazon is reportedly scrapping 27 of its 30 private label clothing brands, leaving only Amazon Essentials, Amazon Collection, and Amazon Aware, in an effort to cut costs and address antitrust scrutiny. The move comes as the company faces allegations of using 3rd party data to decide which products to sell. Amazon is set to meet with the FTC next week to argue against the filing of an antitrust suit. (source)

  • Beauty brand files for Chapter 11 - Amyris, a California-based bio-tech and product manufacturer has filed for Chapter 11 bankruptcy and plans to offload its consumer brands portfolio. Their portfolio had several brands, including Rosie Huntington-Whiteley’s makeup label Rose Inc, TV personality Jonathan Van Ness’s haircare line JVN, actor Naomi Watts’s menopausal beauty brand Stripes, and actor Tia Mowry’s textured hair line 4U by Tia. Amyris has secured $190 million of debtor-in-possession financing to support day-to-day operations, and its entities outside the US are not included in the bankruptcy proceedings. The bankruptcy of Amyris is potentially a sign that the power of celebrities and influencers may be waning. (source)

🗞️ News from the week (8/7/23 - 8/13/23)

🛍 Retail

  • Brooklyn-based independent beauty retailer Shen Beauty has closed its brick-and-mortar store. (source)

  • Buc-ee's, the cult favorite Texas-based c-store is planning to open a 75,000-square-foot store in Huber Heights, Ohio, pending approval from the city's planning commission. The location would have 120 fueling positions, nearly 600 parking spaces, and 11 RV/bus parking spaces, among other amenities. (source)

  • A shopping center in Ohio has deployed an autonomous security robot, the Knightscope K5, to enhance its security infrastructure. The robot is equipped with advanced security capabilities and AI algorithms to detect anomalies and issue alerts to the on-site security team in real-time.(source)

  • Radio Flyer, known for their infamous red wagons, will open their first-ever retail store in the Woodfield Mall in the Chicago area this November. The company, founded in Chicago in 1914, has since expanded to produce toys, bikes, and eBikes, but remains a family-oriented company with Chicago roots. (source)

🛒 CPG & Consumer

  • Rowing Blazers is collaborating with Target to release a fall collection on September 23rd, featuring over 100 pieces ranging from apparel to accessories to home and pet products. This marks Rowing Blazers' most accessible collection yet. (source)

  • Tim Hortons has launched a new cold brew concentrate in four flavors, including Medium Blend Black, Birthday Cake, Cinnamon Swirl, and Mocha Cereal. The new product marks the first time a Tim Hortons product has been made available nationally in the US. (source)

  • Tim Tam Tummy (amazing name), a beverage startup, has launched a line of kombucha aimed at children. The product contains five organic ingredients, probiotics, vitamin C, and no artificial sweeteners. It is now available in retailers like Hannaford, Fresh Thyme, and select Whole Foods Market stores. (source)

  • NotCo, a Santiago-based foodtech company, has exited the refrigerated milk segment in the US and is now focused on building a presence for its NotMilk plant-based milk in the shelf-stable category. The company is also expanding US distribution for its plant-based meat brands NotBurger and NotChicken. (source)

  • BetterBrand is a low-carb food tech company that has recently launched the Better Hawaiian Roll, a keto-friendly roll with 250% more protein and 90% fewer carbs than traditional Hawaiian rolls. The company believes its innovative approach will allow it to quickly grow into the market, following the success of its Better Bun line. (source)

    • My tastebuds will be the judge here…

  • Denim maker True Religion is partnering with decor wholesale and distribution firm Envogue to launch a range of homeware products. (source)

  • Body care brand Oui The People is launching with Sephora online on August 22 and entering into 266 doors on September 15. (source)

  • Kulfi Beauty is expanding its offerings and heading to around 281 Sephora stores in the US and 59 in Canada starting September 1st. The brand's sales multiplied fourfold last year due to its Sephora deal and new releases. (source)

  • CareNatal is a new prenatal vitamin in a powder drink mix format that solves for a few key problems in the category: the prenatal pills on the market today worsen pregnancy nausea with large capsules and fishy tastes. Zawwar Khan, former creator CPG consultant & PepsiCo Brand Manager, was inspired to build CareNatal after seeing many of his loved ones and friend suffer through the daily torture of taking a prenatal vitamin. Zawwar has been making TikTok’s under the moniker “CareNatal” for the past year, where he has been sharing educational resources on prenatal vitamins that have earned over 3M impressions. The CareNatal prenatal vitamin is third party tested and packs 2.5x more nutrients than a prenatal pill. Preorder opens up on 8/19 at CareNatal.com

  • Ariana Grande has launched a new fragrance called Cloud Pink and it will be available exclusively on Ulta Beauty's website on August 13th and in stores nationwide starting August 20th. (source)

  • Zevia, the zero sugar beverage company, has appointed Bill Williamson as Senior Vice President, Operations and Chief Supply Chain Officer. Williamson has over 25 years of experience in the beverage and CPG industries and is responsible for leading operations, supply chain optimization, and IT to support growth and profitability initiatives. (source)

💻️ eCommerce 

  • TikTok has hired two retail executives, Nicolas Le Bourgeois and Marni Levine, who previously worked at Amazon and Meta, to lead its eCommerce business in the United States. The move comes as TikTok aims to expand its eCommerce business from $4.4 billion to $20 billion. (Source)

  • GLASS is a web3 community and loyalty platform for alcohol beverage brands and enthusiasts that allows brands to engage social drinkers in a safe, compliant, and interactive way. Through GLASS, brands can set up loyalty rewards programs to incentivize consumption during in-person social occasions. The platform uses blockchain to manage compliance to age- and geography-based alcohol regulations and offers rewards. (source)

🏭 Supply Chain

  • Del Monte Produce Inc. and Flowspace have partnered to add 30 temperature-controlled storage facilities to Flowspace's network of more than 100 fulfillment centers. Tricont Logistics, Del Monte's third-party trucking and logistics company, will use Flowspace's software to streamline its growth and offer full-service fulfillment solutions to CPG brands requiring temperature-controlled facilities. (source)

  • Pitney Bowes has expanded its regional delivery service models to over 20 major cities in the Southeast and Southwest United States, providing shippers with more options to achieve cost-effective 1-3 day delivery in select markets. (source)

  • Tyson Foods is closing four chicken plants in Arkansas, Indiana, and Missouri, which will result in the loss of nearly 3,000 jobs. The company is making the move to cut costs and adjust to slowing demand for some products. (Source)

  • Stitch Fix plans to close its Bethlehem, PA fulfillment center in February 2024, resulting in 393 layoffs. The company aims to reduce its number of U.S. fulfillment centers from five to three. (source)

💸 Funding, Exits, M&A, and VC

  • Katherine Power has joined Greycroft as a partner to lead its early-stage consumer product investments. She will work with cofounder and managing partner Dana Settle to mentor and invest in new brands that are just starting out, but have big expectations. She is looking in the beauty and personal care market, but also in food, beverage, baby, and pet care sectors. (source)

  • InvestBev, a division of Growth Beverage, has closed their Fund IV at $51 million, making them the largest private equity firm that focuses solely on the adult beverage sector. They plan to raise $150M for Fund V in Q4 2023. (source)

  • Rice, beans, and sauce brand A Dozen Cousins has raised new capital with investors including Emil Capital Partners, RCV Frontline, and CPG executive John Foraker taking part. (source)

  • Nature Coatings, a start-up that produces an environmentally friendly black pigment dye, has raised $2.45 million in a seed funding round led by Regeneration.VC and The 22 Fund, with participation from Leonardo DiCaprio. The company's signature black dye alternative, BioBlack TX, is made from wood waste and can be used for T-shirt printing, denim coating, leather coating, and packaging. (source)

  • Trove, a branded resale solution provider, has raised $30 million in Series E funding led by Wellington Management and ArcTern Ventures, bringing the total amount raised to $150 million. The California-based company plans to use the funding to expand its brand partnerships across different verticals and develop its Trove Recommerce Powered facilities. (source)

  • Simon Cowell has become a co-owner of Miami-based gin and vodka brand Harry Blu's, marking his first move into the spirits sector. (source)

  • Chargeflow, a startup using AI to fight chargeback fraud, has raised $11 million in a seed round led by OpenView Venture Partners. Chargeflow uses machine learning to generate custom "dispute evidence" for each chargeback and automatically submits it to the corresponding bank or credit card company. (source)

  • PDI Technologies has acquired Skupos, a platform connecting independent convenience stores and CPG brands, to offer brands access to performance and activation at more than 25,000 independent sites. (source)

  • Molson Coors Beverage Company has acquired Blue Run Spirits, a producer of bourbon and rye whiskies, as part of its strategy to expand beyond beer. (source)

  • Casa Azul Tequila has welcomed Brooks Koepka, a five-time major champion and former world #1 golfer, to its roster of influential investors. (source)

  • Serve Robotics, an autonomous sidewalk delivery company based in San Francisco, has raised $30 million in funding led by existing investors Uber Technologies, NVIDIA, and Wavemaker Partners, with participation from new investors Mark Tompkins and Republic Deal Room. (source)

  • Solo Brands has added IcyBreeze Cooling to its outdoor lifestyle product portfolio. The deal was finalized on July 1, and financial terms were not disclosed. Solo Brands brand portfolio includes Solo Stove, Chubbies, Oru Kayak, and ISLE. (source)

  • San Diego-based GroGuru, a leader in strategic water management for commercial farmers, has closed a Seed A funding round with $2.3 million. The round was co-led by Cove Fund and Impact Venture Capital, with participation from Integral Capital Partners, Comeback Capital, Right Side Capital Management, VIGR Crop, NutraDrip, and Thunderhead Crop. (source)

  • Matter, a startup aiming to filter out microplastics from washing machines, has raised $10 million in funding. The round was led by S2G Ventures and SOUNDWaves, with additional investment from Regeneration.VC, Katapult Ocean, and "a small number" of strategics. (source)

  • Meatable, a leading food tech company, has raised $35 million in new funding to bring its total funding to $95 million. The round was led by Agronomics with Invest-NL joining as a new investor and significant renewed support from existing investors, including BlueYard, Bridford, MilkyWay, DSM Venturing, and Taavet Hinrikus. (source)

🧐 Interesting reads

💡 Data, reports, and trends

😋 Brands and things I’ve tried this week

This week was a lot of fun! I had the opportunity to try the new Talea Brewing x Fishwife collaboration beer and it was amazing. The beer had a strong smoky flavor that was simply incredible. I think Talea makes some of the best beer out there, and Fishwife produces some of the best tinned fish products.

After seeing the news that Ghetto Gastro launched in Target nationwide, I immediately ran to my local Target to pick up some of their products. I snagged two of their toaster pastries.

I also got a pair of running sunglasses, they were a collaboration between Ty Haney’s (founder of Outdoor Voices) brand Joggy Energy and eyewear brand Vada!

don’t I look fly?

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

Nate :)

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