Executive Briefing

Parade’s sale, Peloton’s bummer summer, Nike Studios pricing, Ikea’s SF launch, and my Barbie note

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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.

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Dan Frommer

Hi, I’m Dan Frommer and this is The New Consumer, a publication about how and why people spend their time and money.

I’m a longtime tech and business journalist, and I’m excited to focus my attention on how technology continues to profoundly change how things are created, experienced, bought, and sold. The New Consumer is supported by your membership — join now to receive my reporting, analysis, and commentary directly in your inbox, via my member-exclusive newsletter. Thanks in advance.

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