From wish list to White Elephant regift… Instant Pot maker Instant Brands filed for bankruptcy on Monday. Instant Brands, which also makes CorningWare and Pyrex, says a whopping 90% of US kitchens have at least one of its products. But its sales have fallen for seven straight quarters. Overall sales of electronic multicook devices (think: air fryers, Instant Pots) dropped by half from 2020 to last year, as the pandemic home-cooking boom cooled. Kitchens = gizmo stocked. Instant Brands’ CEO also pointed fingers at higher interest rates as a biz challenge.
Pressure rising… The Instant Pot became a cult favorite (picture: dedicated blogs, Facebook groups) after its 2010 debut. On the back of instant success, Instant Brands intro’d an air fryer in 2019, but struggled to unseat competitor SharkNinja's dominance. By 2020 it was prepping for the Instant Pot “product phenom”’s decline with new gizmos:
Gadgets: Instant Brands released an air purifier in 2021 (which flopped). As of March it was ideating less trendy products, like an electric Dutch oven and a stand mixer.
Sealed fate? Meanwhile, Instant Brands’ CorningWare and Pyrex could be facing Tupperware-like troubles as consumers opt for genericized and vintage versions.
Reheating: Instant Brands said it’s secured $132M to keep its biz sizzling.
One-hit wonders rise fast and fall hard… While the Instant Pot is still a kitchen staple, even the biggest bean makers aren’t likely to need a new one very often. With consumers reining in spending on “nice to have” home gadgets like fancy blenders and flat screens, it could be a tough time for makers of one-time "it" appliances.