ibusinesslines.com
ibusinesslines.com June 23, 2018


Blue Apron shares hit as Amazon files for meal-kit trademark

17 July 2017, 06:53 | Kelvin Horton

The logo of Blue Apron is shown on a large sign in front of the New York Stock Exchange before the company's IPO in New York Thomson Reuters

The logo of Blue Apron is shown on a large sign in front of the New York Stock Exchange before the company's IPO in New York U.S

This service will provide customers "prepared food kits. ready for cooking and assembly as a meal", according to Amazon's trademark application, which was filed on July 6.

Amazon has registered a trademark in the USA for a service described as: "We do the prep".

It's just the latest Amazon-fueled hit absorbed by the flailing Blue Apron, which took a cleaver to its IPO range in the week before pricing following Amazon's $13.7 billion acquisition of Whole Foods. "You be the chef".

The Times, a British-based publication, first reported this news Sunday.


In early Monday trades, Blue Apron shares plunged as low as $6.51, off more than 11 percent from Friday's close and almost 33 percent below their June 29 IPO price of $10 on the New York Stock Exchange.

Blue Apron holds the title as the largest meal-kit provider in the US, followed by German-based HelloFresh. The stock opened for trading at $10 per share on June 29. Just last week, the stock closed at a new low after an analyst slapped Blue Apron with a $2 price target, citing difficulty with the business ever becoming profitable.

While Blue Apron is perhaps the most extreme example, its plight highlights the unfortunate reality facing many companies in the retail industry: Amazon is coming, and there's nowhere to hide.

Any Amazon meal kits to come in the future will likely be sold through Amazon Fresh, the company's online grocery ordering and delivery service. Amazon already offers meal kits, such as one from Sequential Brands Group Inc.'s Martha Stewart brand.



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