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Express Checkout #69 - the latest in CPG, Retail, and eComm

Commerce and CPG news from the week of 4/8/24

Author

Nate Rosen
April 15, 2024

Hello hello!

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Now on to the news of the week!

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🔥 Big News - 10 items or less 🔥

  • Momofuku founder stands down - Momofuku has decided not to defend a trademark on the name "chile crunch" after facing backlash for sending cease-and-desist letters to small businesses. The controversy sparked a debate over trademark ownership across the industry. source

  • Shopping on YouTube - YouTube has introduced new shopping features, including Shopping Collections that allow creators to curate products and the Affiliate Hub for finding exclusive promos and offers. Creators can now tag products across multiple videos and connect their Fourthwall shop. Source

  • What’s next for Allbirds, delisting? - Allbirds, Inc. has received a notice of non-compliance from Nasdaq due to its Class A common stock falling below $1.00 per share for 30 consecutive days. Allbirds has 180 days to regain compliance with the minimum bid price requirement. source

  • Ibotta IPO - Ibotta, a digital marketing software firm backed by Walmart, has filed for an IPO after turning a profit last year. The Denver-based company helps brands deliver promotions through rewards and rebates. Ibotta handles promotions for over 2,400 brands and had net income of $38 million on revenue of $320 million in 2023. source

  • Eva gets snacking - Eva Longoria has joined Siete Foods as an investor and strategic advisor. Siete Foods, known for their gluten-free tortillas and snacks, is approaching ~$500 million in retail sales. source

🗞️ News from the week (4/8/24 - 4/14/24)

🛍 Retail

  • Costco is reportedly selling $100 million to $200 million worth of gold bars per month, according to estimates by Wells Fargo. source

  • Hawaii is introducing its first-ever shopping event in New York called Aloha Market, which will showcase unique products from over 40 Hawaiian creators and entrepreneurs. The three-day immersive shopping experience will take place from April 26-28 at Shopify NY in SoHo, featuring live tastings, demonstrations, and community programming. Source

  • CT Attorney General has launched an inquiry into grocery price gouging following a FTC report accusing big grocery chains of the practice. The state Senate is also expected to introduce Senate Bill 3, granting additional powers to the attorney general against price gouging. Source

  • Sèchey is expanding its curated booze-free product range at Target nationally, reflecting the growing trend of prioritizing non-alcoholic alternatives. The collection includes brands such as De Soi, Ghia, Kin, Surely, and more. Source

🛒 CPG & Consumer Goods

  • Wonderbelly has expanded its suite of digestive health products with the launch of Bloat + Gas Relief. The new product, available in Strawberry Shortcake and Mango Smoothie flavors. Source

    • Yes, they yassified Tums! And i love them

  • Vacation Inc just introduced three new SPF innovations for the face: Shake Shake SPF 50 Mineral Milk, Super Stick SPF 45 Face Stick, and Studio Tone SPF 50 3-In-1 Bronzing Drops. These products are designed to provide sun protection while delivering skin-loving benefits

  • Pringles has collaborated with Crocs to release a footwear collection inspired by Pringles' iconic flavors and packaging. Alongside the collection, a new exclusive chip flavor called "Pringles Croc-Tail Party" has been introduced. The collection will be available globally starting from April 16. source

  • Former Wall Street trader Ada Hsieh has launched Fluency Beauty, a plant-based beauty brand that focuses on sustainability. Their debut product, the Multistick, is made with biodegradable packaging and 100% plant-derived pigments. source

  • Koia's low-sugar, plant-based protein drinks are now available in all Northeast and Florida Wawas.

  • Neutrogena's parent company, Kenvue, is consolidating operations and closing the LA office, resulting in 84 job cuts. source

  • Ben Nye, the renowned Hollywood makeup artistry brand, has filed for Chapter 11 bankruptcy in the Central District of California to address numerous talc lawsuits and save its business. source

  • RationAle Brewing, a female-led indie non-alcoholic craft beer brand from San Diego, has expanded into over 300 Target stores in seven states.

  • Dryft Sleep’s hero product, gentle, esthetician-approved mouth tape, is now available at Free People.

  • Founder Jessica Alba will step down from her role as Chief Creative Officer at The Honest Company following a record Q4 performance. source

  • Dove celebrates 20 years of promoting real beauty by pledging to never use AI to represent real women in its advertising. The brand conducted a study revealing the continued pressure on women to meet unrealistic beauty standards. source

  • Hugimals World and the Joyful Heart Foundation have partnered to launch a limited edition weighted "Heart to Hug Pillow" in honor of Sexual Assault Awareness Month. source

  • Elavi, makers of delicious cashew butter, has unveiled a rebrand and introduced a new flavor, Strawberry, to its dessert cashew spreads. source

  • Casamigos has introduced a new addition to their line up, Jalapeño Tequila in partnerships with Cindy Crawford. Source

  • Atomo Coffee, the brand behind the world's first "beanless" espresso, has partnered with Bluestone Lane to offer Atomo's "beanless" espresso at all of its 58 locations nationwide. source

  • GHOST has launched a new line of high-protein cereals in partnerships with General Mills. source

  • SOMOS, the Mexican food brand, has launched a new line of Simmer Sauces that aim to provide high-quality, restaurant-style Mexican meals in less than ten minutes. source

  • The pan wars heat up!! Our Place has launched the Titanium Always Pan Pro, an upgraded version of their viral pan. The Titanium Always Pan Pro also comes with a steam-release lid, beechwood spatula, and a limited lifetime warranty. Source

  • GNGR Labs has launched its newest shot, a ginger shot with added caffeine! Source

  • Cargill has announced a commercial partnership with Voyage Foods, an innovative start-up offering sustainable and delicious cocoa-free confectionery and spreads. source

💻 eCommerce

  • Best Buy, Google Cloud, and Accenture have joined forces to enhance the customer support experience using generative AI technology. source

  • eBay has launched "Shop the Look", a feature that curates personalized outfits with AI. This immersive carousel of styles, tailored to customers' shopping history, includes interactive hotspots that reveal similar items and outfit inspirations. source

🏭 Supply Chain

  • Walmart is rolling out autonomous forklifts in select distribution centers, developed by Fox Robotics. Source

  • PepsiCo is permanently closing its Quaker Oats plant in Illinois, resulting in the layoff of 510 employees. The decision to close the plant, which had been temporarily shuttered due to a recall. Source

💸 Funding news

  • Billy Reid Inc. has acquired the DTC arm of made-to-measure company Knot Standard. Knot Standard will become a minority shareholder in the combined business, which will operate under the Billy Reid name. The deal allows Billy Reid to expand its retail footprint. source

  • Nova Farms, a Massachusetts-based integrated cannabis operator, has received a $20M loan facility from Chicago Atlantic. The funds will be used to expand the company's dispensaries in key states, including New Jersey and Connecticut. Source

  • AWAKE, a caffeinated chocolate brand, has secured CAD $5 million in a follow-on funding round from Btomorrow Ventures. source

  • Maison Solutions Inc. has acquired Lee Lee Oriental Supermart, a 3-store supermarket company based in Arizona, for $22.2 million. This acquisition is expected to double Maison's sales and add around $70 million in annual revenue. source

  • Wonderbelly, an antacid alternative to Tums, has raised $12 million in a Series A funding round led by Loft Growth Partners. Source

  • Baldwin Richardson Foods has completed its acquisition of Pennsauken Packing Company, expanding its aseptic beverage manufacturing capabilities and solidifying its position as a leading full-service liquid products supplier. source

  • J&J Snack Foods Corp. has announced the acquisition of Thinsters, a crunchy cookie bran. Source

  • BeyondSKU, New York's leading accelerator for CPGs, is now accepting applications for its 5th track starting in Fall 2024. Interested companies can apply until June 15, 2024. Source

🧐 Interesting reads

💡 Data, reports, and trends

😋 Brands and things I’ve tried this week

I am welcoming ZestyZ’s new pita chips and Caraway to my home.

ZestyZ just launched their newest line, Pita Chips!! And these are seriously addicting!

Caraway sent over some of their stainless steel set of pots and pans! I love the organization included in the set, especially the lid holder.

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

Nate :)

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