After already suffering the indignity of trading below its offering price every day since its initial public offering 2 1/2 weeks ago, the meal-kit retailer now faces a new hurdle - and surprise, surprise, Amazon is once again the culprit. An even bigger threat is the possibility of Amazon.com, Inc.
Blue Apron's stock is likely to struggle once Amazon enters the meal-kit delivery market, CNBC's Jim Cramer said Monday. Amazon's trademark application indicates that it may more directly compete with Blue Apron in the future. "You be the chef".
Inc.'s (AMZN) $13.7 billion acquisition of Whole Foods Market Inc. It describes prepared food kits "composed of meat, poultry, fish, seafood, fruit and/or and vegetables and also including sauces or seasonings, ready for cooking and assembly as a meal".
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Besides Amazon, Blue Apron's rivals include HelloFresh and Plated, which both ship boxes to customer's doorsteps with raw ingredients needed to cook home meals.
Tech companies routinely file trademark applications, which don't always lead to products or services. The deal sent grocery stocks tumbling and ratcheted up skepticism about Blue Apron's prospects. And while Blue Apron reported in its IPO filings that it had 1 million subscribers averaging just over 4 orders each, the average order value fell from $59.28 in the first quarter of 2016 to $57.23 in the first quarter of 2017.