This is awkward... Blue Apron announced its CEO and its Chief Technology Officer (who is also the last co-founder still there) are "pursuing new opportunities." Linda Kozlowski (Etsy's former COO) is now top chef. Investors were so into the change that they bought up shares 15% in after-hours trading.
Chefs in the kitchen... So many. Aggressive jumps into the meal kit market from big fish (Amazon, Walmart, Kroger) and little ones (Plated, HelloFresh, Sun Basket) hit Blue Apron hard — Shares have fallen 90% since its 2017 IPO. And the number of customers has fallen, too:
- December 31, 2016: 1,000,000+ customers
- December 31, 2017: 746,000
- December 31, 2018: 557,000
Food tribes are the future... Gluten-full? Keto-ish? There's probably a meal kit for you. To stand out, Blue Apron's partnering with beloved brands to reach as many food-focused segments as possible. The stock popped in December after it partnered up with Weight Watchers. Here are the others: