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LEARN MOREBlue Apron Investors Jump Ship After Amazon Hints At Move To Meal Kits
Amazon filed for a trademark to make meal kits, and Blue Apron stock fell to an all-time low.
Blue Apron Investors Jump Ship After Amazon Hints At Move To Meal Kits
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July 17, 2017
Amazon hinted it's thinking about jumping into the growing meal kit business — and that was enough to send Blue Apron investors running.
Blue Apron stock just hit an all-time low after Amazon filed for a meal kit trademark. Meal delivery service is a growing market, and Amazon could be a fierce competitor.
The third-largest retailer in the world has steadily introduced new services, like the recent Prime Wardrobe, to augment its core product.
Blue Apron, on the other hand, is a new company that is already having financial problems.
Its stock is down 30 percent since it hit the market in June. And the company has highlighted increased competition as one of its main business risks.
One analyst told CNN the market hasn't been around long enough to establish brand loyalty.
So Blue Apron customers are more open to switching to competitors like HelloFresh, Plated and Sun Basket — or whatever Amazon might be cooking up.
Amazon hasn't made an announcement about getting into the meal kit business, so the company might just be staking a claim for the future.
But Amazon did just bid to buy Whole Foods. If that acquisition goes through, the company will have its own in-house product with a lot of built-up brand loyalty to throw into the meal kit market.
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