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Express Checkout #41 - the latest in CPG, Retail, and eComm

Commerce and CPG news from the week of 9/4/2023

Author

Nate Rosen
September 11, 2023

Hello hello! – And a special hello to our first sponsor, minisocial (more on that below)!

This weekend I went to Farm To People for an event hosted by a new brand, Schmutz haroset. For those who don’t know, haroset is a traditional Jewish food that is typically eaten during Passover. However, this one is for whenever you want and it’s absolutely delicious. I highly recommend picking up a jar.

I also stopped by TALEA Brewing for the launch of their latest collaboration, Olipop x TALEA Strawberry Vanilla Cream Ale.

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(If you’re reading this email in gmail it might get clipped! You can always view full issues here.)

🔥 Big News - 10 items or less 🔥

  • Kroger + Albertsons deal update - Kroger and Albertsons have announced they plan to sell 413 stores to C&S Wholesale Grocers, LLC to appease the FTC. The merger remains on track to close in early 2024. (source)

  • Water, the latest innovation from Gatorade - Gatorade is launching Gatorade Water, an electrolyte-infused, unflavored water. The brand is betting on tapping into the growing "functional water" category, projected to reach $18 billion in sales in the next 2 years. Gatorade sales haven't grown as quickly compared to BodyArmor, and the company believes its brand equity can disrupt the functional water category. (source)

  • Denim brand acquired - WHP Global acquires G-Star RAW, with the leadership team still operating out of Amsterdam. WHP is one of the largest brand management firms globally and recently acquired Toys R Us and its portfolio of brands, generating over $7 billion in retail sales. (source)

  • Salary reductions - Walmart has cut starting pay for new employees who prepare online orders by about $1/hr. The change, which took effect in July, does not affect current employees in those roles. Walmart raised its minimum wage for store employees from $12 to $14 in January. (source)

  • Revenue-based funding startup raises big - E-commerce loan startup Wayflyer has secured $1 billion in capital from investment management firm Neuberger Berman. Wayflyer provides financing to e-commerce startups in exchange for a portion of their future revenue and uses data to make loan and repayment decisions. (source)

    • Ampla, another financial lender in the space, has raised a $258m credit warehouse with Goldman Sachs and Atalaya Capital Management. (source)

      • I had previously worked at a similar company to Wayfler and Ampla, Settle.

  • Sporting goods IPO - Amer Sports, the Finnish owner of sports and outdoor brands such as Wilson, Salomon, and Arc'teryx has reportedly filed for a US IPO. (source)

  • AI enhancements at eBay - eBay has launched an AI tool that can generate product listings from a single photo, which can automatically write a title and description based on a photo, as well as information including a product release date, and suggest a category, subcategory, list price and shipping cost. (source)

  • New Rules for Private Fund Advisers - The SEC has adopted new rules and amendments to enhance the regulation of private fund advisers and update the existing compliance rules. A condensed overview can be found here and a full version can be seen here. Angellist has also put together a useful resource on the updated rules here.

🗞️ News from the week (9/4/23 - 9/10/23)

🛍 Retail

  • Princess Polly, a global online fashion brand, has opened its first U.S. store at Westfield Century City in LA. The store features digital displays and personalized product recommendations. (source)

  • Banana Republic has launched a new furniture brand called BR Home, featuring six lines of furniture. It will be available online and in select US stores by the end of September. (source)

    • My friend and retail expert Rebekah Kondrat (Rekon Retail) was boots on the ground at the SOHO pop-up in NY last week. Check it out here.

  • Primark is set to open its second store in Illinois, joining Macy's, Nordstrom, and JCPenney in the anchor lineup at Simon's 2.2-million-sq.-ft. Woodfield Mall. This will be Primark's 22nd in the US out of 60 locations they plan to operate in the US by the end of 2026. (source)

  • GNC has partnered with SPINS. (source)

  • Walmart's Vine City Supercenter in Atlanta, closed due to suspected arson, is set to reopen in May 2024 as a Neighborhood Market with a police substation, according to local news reports. (source)

🛒 CPG & Consumer

  • Little Spoon has launched 15 new SKUs including a build-it-yourself Lunchers (their take on Lunchables) and junk-free snacks. (source)

  • Hooray Foods, a producer of plant-based bacon, has announced it is shutting down after 4 years and ~5 million strips sold. The company had national distribution in 1000+ doors and partnerships with meal kit and grocery services. (source)

  • Cheetos celebrated its 75th anniversary with a fashion show featuring clothing and a Cheetos Milk Bar birthday cake. The cake, available for purchase at Milk Bar, features Cheetos birthday frosting, rainbow-flecked cake, and crunchy Cheetos throughout. (source)

now that’s a winning cake

  • Sean 'Diddy' Combs has won the first round in his lawsuit against Diageo over alleged racial discrimination. The Supreme Court of New York denied Diageo's motion to dismiss the case. (source)

  • Kendall Jenner's 818 Tequila is now available in Australia through retailers Liquorland and First Choice. The brand has already seen success in the US, Canada, China, Dubai, and the UK. (source)

  • GOOD Meat, the cultivated meat division of Eat Just, has been sued by a second engineering firm, CRB Engineers and CRB Builders, for alleged non-payment of bills. Eat Just has raised more than $850 million to date, including around $270 million for its wholly owned subsidiary GOOD Meat. (source)

  • Via Carota Craft Cocktails, a new RTD brand from the Via Carota restaurant in NYC, has signed with Frederick Wildman & Sons as the exclusive distribution partner within New York State, marking the fourth market the brand has entered since its DTC launch in February 2023. (source)

  • Energy drink maker Juvee and online delivery platform Gopuff have partnered to create a limited-edition co-branded energy drink called Peachy Mangopuff. (source)

  • PepsiCo is introducing Muscle Milk Plant Protein Shakes, a ready-to-drink plant-based protein shake that is specifically formulated for athletes and active occasions. (source)

  • BODYARMOR will expand and distribute its sports drink internationally for the first time in brand history, starting with Canada in January 2024. (source)

  • The Macallan has acquired Vasyma, a Sherry cask supplier based in Spain, and entered into a joint venture with US-based Coopers Oak to secure a supply of American oak. (source)

  • Banza, the maker of chickpea-based foods, has launched Protein Waffles. This marks Banza's first foray into the breakfast space. (source)

  • Former master distiller of The Lakes Distillery, Dhavall Gandhi, has launched a whisky brand called Kandoblanc. The first whisky, Aga, is a blend of two rare Scotch whiskies. (source)

look at this gorgeous bottle

  • Under Armour has appointed John Varvatos as its chief design officer, effective from September 11. Varvatos, who has been consulting for the sports brand since spring, will oversee the design direction across the company's entire portfolio. (source)

  • FIGS and Eko Health have collaborated to launch a Digital Stethoscope, pairing Eko’s FDA-cleared CORE 500™ Digital Stethoscope with FIGS’ branding. (source)

  • Polaroid has released a new instant camera, the I-2, which offers manual controls and better specs than previous models costing around $600. (source)

  • Forever 21 has collaborated with Barneys New York on a new collection as part of CEO Winnie Park's plan to overhaul the brand. (source)

💻️ eCommerce 

  • Instacart with the double updates

    • They launched a new app for Shopify merchants to access Instacart Ads products, tools, insights, and automation. The app allows merchants to track their overall sales on Instacart, create an Instacart Ads Manager account, and see high-level ads performance metrics. (source)

    • They also announced updates to its Instacart Storefront and Caper Carts. The updates include AI-powered conversational search, in-store mode, new in-store rewards for Caper Carts, and the ability to order made-to-order items directly from the carts. (source)

  • Hanna Andersson, a DTC children's apparel brand, has launched its first loyalty program, Hanna Rewards. (source)

🏭 Supply Chain

  • UPS will increase its shipping rates by an average of 5.9% for Ground, Air, and International services starting on December 26, 2023, while also increasing peak season surcharges compared to 2022. (source)

  • Crate and Barrel Holdings has announced a multi-year investment plan to improve inventory optimization, demand forecasting, and delivery speeds, including doubling the technology team over three years and greater use of AI and automation. (source)

  • Alloy.ai has added predictive and generative AI features to its software platform to help consumer brands with sales, inventory, forecasting, and supply chain challenges. (source)

💸 Funding, Exits, M&A, and VC

  • Momofuku Goods, a line of restaurant-grade pantry essentials founded by David Chang, has announced an $11.5 million funding round led by Alliance Consumer Growth. (source)

  • Seattle-based snack company SkinnyDipped has closed a $12 million Series A funding round led by David Grutman and featuring investments from celebrities such as Amy Schumer, Mark Wahlberg, and Odell Beckham Jr. (source)

  • Icelandic Glacial, a premium bottled water company from Iceland, has received new equity funding from new and existing investors. (source)

  • L Catterton has acquired a stake in hair care brand Maria Nila, according to a report. The terms of the deal were not disclosed. (source)

  • 5W Public Relations has acquired YC Media, a boutique food and beverage communications firm, adding the firm's clients and senior talent to its existing roster of consumer brands. (source)

  • SimpleClosure, a startup building a platform to automate the shut-down process for companies, raised $1.5 million in pre-seed funding from Vera Equity and Cambrian Ventures, among others. (source)

  • Arduino has raised an additional $22 million in funding for enterprise and cloud expansion, bringing its Series B financing to a total of $54 million. The funding was co-led by CDP Venture Capital and Anzu Partners, with participation from semiconductor leader Arm. (source)

  • Streamforge, a Canada-based AI firm that specializes in influencer marketing for brands, has raised $1.2 million in seed funding led by Triptyq Capital, with participation from Leansquare, Telegraph Hill Capital, and other angel investor groups. (source)

  • Youtooz, a Vancouver-based consumer product company specializing in collectibles, has received funding from Decathlon Capital Partners. The amount of the deal was not disclosed. (source)

  • BFC, a provider of warehouse management and logistics software for food distributors based in Sarasota, Florida, has received a strategic investment from M33 Growth. The amount of the deal was not disclosed. (source)

  • Harmonya, a software company for CPG brands, has raised $20 million in Series A led by Bright Pixel Capital, with participation from existing investor Team8 and Arc Investors, J Ventures, Silicon Road Ventures, Allen & Company, LiveRamp Ventures and Susa Ventures. (source)

  • The National Retail Federation has acquired the Reverse Logistics Association, a global trade association for the returns and reverse industry. (source)

  • TreeHouse Foods has sold its Minnesota manufacturing facility and snack bars business to John B. Sanfilippo & Son for $63 million in cash. JBSS is a producer of snack products sold under brands like Orchard Valley Harvest and Just the Cheese as well as a variety of private brands. (source)

  • The Kitchen Hub, an Israeli foodtech incubator and investment arm, is raising a $70 million fund. (source)

  • US-based container farming technology provider Freight Farms plans to go public via a merger with special purpose acquisition company Agrinam Acquisition Corp, valuing the company at $147 million. (source)

  • French fermentation giant Lesaffre has acquired a 10% stake in Israeli start-up Yeap, which develops proteins from upcycled yeast. (source)

🧐 Interesting reads

💡 Data, reports, and trends

😋 Brands and things I’ve tried this week

This one is a little but, I wanted to thank my subscriber Hayden for sending over some of their product, Dozy Dust! It’s a Glycine-based powdered sleep aid!

I also want to thank Damian Soong, founder of Form Nutrition, for sending over a bag of your delicious chocolate peanut-flavored performance plant-based protein powder! I’ve been a fan of this brand for a while, I highly recommend their products! They also have a good meal replacer blend.

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

Nate :)

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