Express Checkout #39

Commerce and CPG news from the week of 8/21/2023

AuthorAuthor

Nate Rosen & Jess Cervellon
August 28, 2023

Hello hello!

This past week I got an early preview of the new flagship Rhone store in Westport, CT. Rhone is a performance lifestyle brand that offers high-end activewear and commuter clothing. I also got a wonderful gift bag featuring Slate Milk, Huron skincare, Crossrope, a Selkirk Pickle Ball racket, and Revo sunglasses! Not too shabby!

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Now, on to the news of the week!!

🔥 Big News - 10 items or less 🔥

  • IPOs ahoy! - We got two very interesting IPOs incoming. Deep dive coming soon!

  • Fast-fashion giants join forces - SPARC Group and SHEIN have announced a partnership where SHEIN will acquire an approximately 1/3 interest in SPARC, while SPARC becomes a minority shareholder in SHEIN. SPARC is a retail company with a large brand portfolio, including Brooks Brothers, Forever 21, and Reebok. (source)

  • Ramp raises big - Ramp has raised $300 million at a $5.8 billion post-money valuation. (source)

🗞️ News from the week (8/21/23 - 8/27/23)

🛍 Retail

  • J.P. Morgan Payments has launched Tap to Pay on iPhone for its US merchant clients, enabling them to accept contactless payments. Sephora will be the first client to enable Tap to Pay. (source)

  • Wakefern Food Corp. is expanding its partnership with Simbe Robotics to additional ShopRite stores after a successful pilot. Simbe's platform uses AI and robotics to provide real-time insights into inventory and operations. Simbe recently raised $28 million in a Series B round. (source)

  • The Fresh Market plans to open 22 new store locations over the next two years, increasing its store fleet by about 14%. This expansion comes 1 year after South American retailer Cencosud acquired a majority stake in The Fresh Market for $676 million. (source)

  • Nordstrom's anniversary sale this year saw heightened engagement, with over 90% of Nordy Club's top-tier members actively participating in shopping during the sale, showcasing a 15% increase compared to the previous year. (source)

🛒 CPG & Consumer

  • Belgian Boys is launching its Pancake Cereal exclusively at select Costco locations in the Midwest and the Bay Area for a limited time. The company is also donating $5,000 to one school during the back-to-school season. (source)

  • A Dozen Cousins has partnered with Crocs to create a limited edition grilling sandal with custom jibbitz. Customers can enter to win a pair by submitting a photo or video of their go-to cookout dish. (source)

  • Brazi Bites is launching gluten-free waffles, including a cheesy waffle (interesting), which the company claims is the first-to-market. They will be available exclusively at Sprouts Farmers Market starting in September and additional retailers will be added in 2024. (source)

    • Just the other week Banza, known for its chickpea pasta, introduced a new line of frozen GF and high-protein chickpea waffles.

  • Blip is a new company offering FDA-approved nicotine replacement therapy products and community support for smokers and vapers looking to quit. It is available for purchase on its website and in select CVS locations. (source)

  • Tillamook is launching frozen mac & cheese and frozen pizza, featuring chef-inspired recipes made with Tillamook Cheese. The mac and cheese is available now at select Target and Walmart locations, the pizza will be available in October. (source)

  • Tif's Spiked has partnered with Saccani Distribution to expand their Northern California business. Their product lineup includes a variety of canned cocktails. (source)

  • A Slovenian-based vegan meat company Juicy Marbles is launching plant-based ribs with edible bones in the U.K., U.S., and E.U. (source)

  • Beverage brand Recess has expanded its products into 5,000 additional retail locations, increasing its coverage to 14,000 stores. (source)

  • Interact Brands has rebranded Lean Cuisine. Which included a new product tier naming system, improved communication hierarchy, and visually appealing imagery that captures the essence of each dish. (source)

  • ByHeart, a DTC infant formula brand, has launched in over 1,000 Target stores, marking its first move into brick-and-mortar retail. The brand is also planning to relaunch its online retail site later this year. (source)

  • Saucony has released its first sustainable sneaker, made with plant-based inputs. (source)

  • Brands launch in Walmart

    • Curie, a clean deodorant and body care line, has launched its products in 4,300 Walmart locations nationwide and on Walmart.com. (source)

    • Mad Rabbit, a maker of tattoo care products, has launched at Walmart, marking the brand's first launch at mass retail. The expansion comes after they announced its Series A investment earlier this year, valued at $56 million. (source)

  • Jennifer Aniston's haircare brand, LolaVie, has launched at Credo Beauty. The full LolaVie assortment is available at Credo stores and on Credo Beauty's website. (source)

  • The Inkey List is launching a Tripeptide Plumping Lip Balm. The lip balm will be available at Sephora on August 28 and on The Inkey List website on September 1. (source)

  • QVC has launched Denim & Co. Adaptive, the first accessible fashion collection created by QVC. (source)

  • The FDA has released draft guidelines to regulate the safety of cosmetic products, including makeup, skincare, shaving creams, nail polish, and hair care. The guidelines, issued in response to the Modernisation of Cosmetics Regulation Act, will require manufacturers to provide product listing details, a list of used ingredients, and register facilities where they were produced. (source)

💻️ eCommerce 

  • Getir, the Turkish rapid grocery delivery firm, has announced a global restructuring plan that will result in the loss of 2,500 jobs across five countries, or 10.9% of its total workforce. The company will continue to operate in Turkey, the UK, Germany, the Netherlands, and the US. Last month, Getir announced its exit from Italy, Spain, and Portugal. (source)

  • Food52 and Chicory have joined forces. The partnership includes Chicory's shoppable ingredients button on Food52 recipes, allowing visitors to buy the ingredients right then and there. Additionally, Food52 will monetize its recipe cards using Chicory Premium, which features relevant in-recipe advertisements. (source)

🏭 Supply Chain

  • NYC Department of Transportation has proposed allowing larger pedal-assist cargo bikes with up to four wheels and a width of up to 48 inches, which would make last-mile deliveries safer and more sustainable by reducing truck activity. (source)

  • Dollar General has opened its new Nebraska distribution center, which represents an approximate $140 million investment. The facility is expected to create more than 400 new career opportunities and support more than 1,000 DG stores at full capacity. (source)

  • Giant Food is closing three e-commerce distribution centers in Maryland, Virginia, and Delaware in October to switch to a localized fulfillment model. (source)

  • Wells Enterprises is expanding its Dunkirk, New York manufacturing facility, which will create over 200 new jobs. The expansion will double the facility's current production output and support the company's growth plans for its Blue Bunny, Halo Top, Bomb Pop, and Blue Ribbon Classics brands. (source)

  • Grupo Bimbo plans to double its electric delivery vehicle fleet in Mexico to 2,508 by the end of 2023, with the aim of reducing carbon dioxide emissions by 50% by 2030 and becoming a net-zero carbon emissions company by 2050. (source)

  • Walmart is partnering with Wing, a drone delivery provider powered by Alphabet. The service will be offered from two stores in the Dallas metro area, enabling them to reach an additional 60,000 homes. (source)

    • I cannot wait for more drone deliveries to pop up around the country. If you’re looking to learn more about drone delivery this video from CNBC and this one from Mark Rober are a great starting point!

💸 Funding, Exits, M&A, and VC

  • Ghost, a B2B marketplace for surplus inventory, raised $30 million in Series B funding led by Cathay Innovation with participation from existing investors. Ghost has experienced a 500% increase in uploaded inventory in the last year and now counts over 1,000 members on its platform. (source)

  • MOSH, a brain health brand co-founded by Maria Shriver and Patrick Schwarzenegger, has raised $3 million in Series A funding to accelerate its retail distribution strategy. The round was led by MSA Advisors, LLC and a group of investors, including Joyance Ventures, The Lab Capital Advisors, Verso Capital, and Entrepreneur Ventures. (source)

  • Plant-based energy beverage company Yerbaé has successfully closed the first tranche of its celebrity investment round, raising over $4 million and forming a new Sports & Entertainment Board featuring prominent celebrities and sports stars. (source)

  • Biotech startup Jellatech has raised $3.5 million in an oversubscribed seed funding round led by Nordic VC firm byFounders, with other investors including Milano Investment Partners, Joyful VC, Siddhi Capital and Blustein. Jellatech creates cell-based collagen and gelatin, which are animal proteins widely used across a number of industries. (source)

  • Perfect Day has agreed to sell its consumer-facing subsidiary The Urgent Company to US food tech firm Superlatus for $1.25 million. The deal includes The Urgent Company’s trademarks in the US, UK, Singapore, Hong Kong, China and South Korea. (source)

  • Digital grain-trading platform Bushel has raised $26 million led by private equity firm The Banc Funds Company, with participation from Cargill and Continental Grain Company. Bushel currently serves 100,000+ farmers and 2,600 grain and ag retail facilities in North America. (source)

  • Algoma Capital has launched a $100 million credit fund for whiskey brands and distilleries. Algoma is a sister company to InvestBev, a private equity provider to the alcohol beverage industry with over $250M in AUM. (source)

  • Pico MES, a remote software company for small to medium-sized factories, raised $12.35 million in Series A funding led by Bosch Ventures, with participation from Counterpart Ventures and Momenta. (source)

  • GemCap Solutions is set to hold a public sale on September 8, 2023, of Cali'Flour Foods, who makes low-carb, keto-friendly cauliflower-based foods. (source)

  • Blanka, a private-label beauty and wellness platform has raised $2 million in seed funding led by Dundee Venture Capital, with Storytime Capital, Disruption Ventures and former Shopify exec Fatima Yusuf participating to launch emerging beauty brands. (source)

🧐 Interesting reads

💡 Data, reports, and trends

😋 Brands and things I’ve tried this week

This week I’ve been testing out Grüns Daily gummies! They’re a new (and tasty) multivitamin in gummy form!

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

Nate :)

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