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Blue Apron jumps on partnership with High-Flying Beyond Meat



(Bloomberg) – Blue Apron Holdings Inc. celebrated its best day in six months after announcing a merger with a hot brand: Beyond Meat Inc.'s alternative meat startup on the menus in August, New Yorker said Blue apron in a statement. The stock rose on Tuesday by up to 22%. This is their biggest daily gain since January 15th.

The catch-up hunt could breathe new life into Blue Apron, whose stock has fallen more than 90% since its IPO in 2017, and has emerged as one of the worst in recent history. Meanwhile, since their May debut, Beyond Meat stocks have increased almost seven-fold as artisan meat is on the rise in restaurants and fast-food chains. Beyond Meat extended these gains by 1.6% on Tuesday.

The Blue Apron battles result from the challenges of the meal kit industry of attracting and retaining customers. Although subscriptions were originally marketed to people who wanted to cook, but did not know what or how, they soon had complaints: meals were too expensive, you had to plan in advance, and people felt guilty about throwing away all the packaging they needed Keep ingredients fresh. The emerging meal kit industry found that attracting and tying customers required discounts and often did not work.

To revive growth, Blue Apron entered stationary retailing, but Costco Wholesale Corp. eventually dropped the price Meal-kit boxes to make room for seasonal products.

(Updates the shares in the first three paragraphs.)

Contacting reporters on this story: Anne Riley Moffat of New York at ariley17@bloomberg.net; Catherine Larkin in Chicago at clarkin4@bloomberg.net

To contact the editor responsible for this story: Courtney Dentch at cdentch1@bloomberg.net

For more articles of this nature, visit bloomberg.com

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