What We’re Reading: “The meal-kit industry is at a crossroads,” says Washington Post

Press Release
Oct 10, 2017
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It was going so well for Blue Apron, until it wasn’t. The company, which set nationwide trends with its mail-order subscription meal kits, delivering ingredients and instructions to hundreds of thousands of Americans, had valued itself at $3.2 billion weeks before its initial public offering.

But a few days before Blue Apron shares entered the market on June 29, Amazon.com announced that it intended to buy Whole Foods. That $3.2 billion valuation shrank to $1.98 billion, and shares that were supposed to sell between $15 and $17 began trading at $10 and closed out the day rising less than one cent. Share prices eventually dipped as low as $5.12 — less than the price of one serving of a Blue Apron meal. Its co-founder stepped down, the company instituted a hiring freeze, and then it began laying people off. Its investors are suing the company, saying they were misled.

Read the full article, including statistics from Packaged Facts, here

Be sure to visit Packaged Facts' 'Meal Kit Delivery Services' page, our all-in-one resource covering the meal kit industry through blogs, press releases, research reports, multimedia & more.

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