Parade’s sale, Peloton’s bummer summer, Nike Studios pricing, Ikea’s SF launch, and my Barbie note
Plus: Office Hours for members, this Tuesday. Grab one!
For what’s supposed to be a sleepy time of year, there’s a lot going on right now.
Instacart’s IPO prospectus has just dropped, for an expected listing next month. The grocery and retail e-commerce service grew revenue 30% year over year in the first half of this year to around $1.5 billion, despite flat order volume and declining US consumer e-commerce spending on groceries. Stay tuned for my analysis.
Speaking of growing-in-a-down-market online grocery services, Hungryroot — which has said that 70% of the groceries it sells are recommended by algorithm — continues to announce select financials: The company generated $182 million in sales during the first half of 2023, growing 67% year over year. (It also “achieved profitability for its fiscal year,” Progressive Grocer’s Lynn Petrak writes.) That’s an acceleration from its 47% growth rate in 2022, when it reported $237 million in net revenue.
And M&A season continues, as some opportunistic buyers look for new growth drivers, and some sellers look for stronger footing.
Hi, I’m Dan Frommer and this is The New Consumer, a publication about how and why people spend their time and money.
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